Form 16 is essential for individuals earning a salary as it gives the whole breakup of Tax Deducted at Source (TDS), providing a comprehensive overview of an employee’s earnings, including salary, allowances, and additional perks, throughout a given financial year.
If there are any discrepancies or missing documents, you have enough time to sort them out. This proactive approach can save you from last-minute hassles and potential penalties.
The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their returns.