The Income Tax Return submission for assessment year 2025-26 will open on April 1 2025. Earnings-based employees who work for employers will get Form 16 that presents income tax details for the year 2024-25 (which corresponds to Assessment Year 2025-26).
The tax document Form 16 presents detailed information about wages that includes taxable earnings along with exclusions offered by employee benefits and section 80C and 80D deductions and the total amount of tax payable to the authorities.
When Will Form 16 Be Issued?
Every employer needs to deliver Form 16 to their workers by the deadline of June 15 in the assessment year. The deadline for employers to issue Form 16 for the fiscal year ending in 2024-25 corresponds to June 15, 2025. The distribution of Form 16 could face delays because of administrative or payroll processing procedures. Whenever an employee faces delays in receiving their Form 16 they should contact the HR or finance departments through their employer.
Taxpayers filing ITR must use Form 16 but it does not absolutely require its submission. Employers need not provide Form 16 but its delivery can enhance the ITR filing process through simplicity. Taxpayers need to submit their ITRs even without Form 16 since they have other acceptable supporting documents including:
1. The tax department needs salary slips to cross-check both income amounts and payment deductions.
2. Every citizen should review Form 26AS to see their PAN-related TDS deductions since this statement combines all tax details from the income tax department.
3. Taxpayers need the Annual Information Statement (AIS) to understand their complete earnings through salary and business revenue along with interest payments and dividends received.
4. Bank statements – Useful for cross-checking income and deductions.
Why Is Form 16 Important ?
The system provides pre-populated ITR forms which makes ITR filing easier to perform. PAN holders receive reliable reporting with Form 16 through its capacity to reduce errors when taxpayers disclose their earnings and tax status.
Lenders use Form 16 to verify income during loan applications therefore the document functions as valid proof of earnings. The process of tax refunds depends on Form 16 to obtain refunds from excessive tax deductions.
“Form 16 is a vital document for salaried employees, simplifying the tax filing process by providing a detailed breakup of salary and TDS. While it is not mandatory, having it ensures accuracy and ease in ITR filing. If you do not receive Form 16, you can still file your ITR using other financial records. Always verify tax credits in Form 26AS and AIS before submission to avoid discrepancies,” a Delhi-based tax practitioner said as quoted by Network 18
Also Read: Tax Saving Hacks: Here’s How You Can Save Rs 1.5 Lakh In Savings Under Section 80C Of Income Tax
