The procedure for submitting taxes has begun. Every person with taxable income is required to file an ITR. In such a circumstance, it is crucial to remember a few crucial details while submitting an ITR. Along with this, four other crucial items should be understood before submitting an income tax return.
Form 16
Salaried workers will receive Form 16 from their employers this month. It includes information about TDS made on the employee’s behalf by the employer. In addition to TDS, Form 16 also includes a comprehensive breakdown of the pay that the employer paid.
Finance Minister Nirmala Sitharaman proposed
significant adjustments to the tax system when she unveiled the budget for 2023. The Finance Minister had stated that going forward, the new tax system will be the default one. Along with this, other changes were also made to the new tax regime’s tax slab. Additionally, if someone files their taxes using the new tax system, they are now eligible for a tax exemption of up to seven lakh rupees.
PAN and private information
Additionally, make sure the Permanent Account Number (PAN) listed on Form 16 is accurate. Make sure your name, address, and employer’s TAN and PAN are all appropriately listed. These specifics must be accurate to the letter.
Verify tax deductions twice
It is important to compare the tax deducted from your pay with the tax deducted from Form 16, Form 26AS, and AIS. Inform your employer right away if you discover any errors and ask them to update Form 16’s information. It’s crucial to check that Form 26AS and AIS include the proper information.
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