Posted on: April 9, 2011 Author: Sudhir Kaushik
Form 16 is a certificate issued by the employer at the end of the year and provided to the employee. This certificate provides details of your salary income and the TDS deducted from your income. Form 16 is all you need to file ITR, in case you have reported all your income to the employer.
It is your right to obtain Form 16 from the employer within one month since the end of the financial year.
Obtain your Form 16 early, so that you can file your income tax return early. The earlier you file, the faster you will get refund.
Ensure that you have Form 16s from all the employers that you have worked for during the year.
Like Form 16, take your other TDS and income certificates (from banks, etc.) as early as possible so that you can report your income correctly.
When you obtain your form 16 early, you stand a lesser chance of scrutiny notice- if you file on last date, the chances increase.
Interest on refund amount is reduced if you file after the 31st of July and the rate of interest is also too low. If you file early, you can get complete interest and faster refund.
Sudhir Kaushik has been a practicing tax consultant for the last 17 years. He is a Fellow Chartered Accountant and conducts seminars in large companies to help salaried employees with income tax and investment queries. Sudhir brings domain knowledge of income tax laws and their compliance difficulties faced by individuals. He is the author of Income Tax Handbook For Salaried Employees for smart financial planning and investments for salaried people. He enjoys an excellent reputation and has a strong network in the corporate sector and public sector undertakings.
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