When will Form 16 be Notified to Salaried Employees to File ITR for FY 2024-25:

When will Form 16 be Notified to Salaried Employees to File ITR for FY 2024-25 Numerous salaried employees are looking for the availability of Form 16, a TDS certificate from their employers. Form 16 is an essential TDS certificate that includes information on revenue paid to the employee in a financial year, the tax regime chosen for TDS, and deductions and exemptions claimed by the employee on his/her salary as per the chosen tax regime. Form 16 includes details of TDS from salary; this is the key reason why it is required while filing an Income Tax Return (ITR). Here is the tentative date for Form 16, what to check in Form 16, and what action should be taken if you do not get it?

Is there a last date for employers to issue Form 16 to salaried employees?

As per the guidelines of income tax, employers should file their e-TDS return for the January-March quarters for the financial year before May 31, 2025, of the next financial year. After the successful filing of the e-TDS return, the tax deductor will need to release the TDS certificate within the time period of 15 days after filing the e-TDS return, which means before June 15, 2025.

Can ITR be filed without Form 16?

It is simpler to file ITR with Form 16. But a taxpayer is allowed to file ITR in the absence of Form 16. If you don't have access to Form 16, then you will need to depend on other documents for the purpose of proof or information to file ITR, such as salary slips, the Annual Information Statement (AIS), and Form 26AS.

Can Form 16 be downloaded from the official website of the Income Tax Department using a PAN card?

Form 16 cannot be downloaded by a salaried employee from the official website of the Income Tax Department, neither by using his/her PAN card nor by using the deductor's PAN card. Only deductors are given permission to download Form 16 from the official website of the I-T department. However, they can also only access Form 16 after downloading it from the portal of TRACES. Form 16 for all employees is created only after the employer files the e-TDS return. This is because the details in Form 16 come from the e-TDS return.

Who will receive Form 16 from their employer?

Form 16 will only be made accessible to the employee if the former deducts tax from the salary paid to the employee. According to the guidelines of income tax, effective for the financial year 2024-25 (from the time period of April 01, 2024, to March 31, 2025), if taxable income does not exceed Rs. 7 lakh, no tax is required to be paid under the new tax regime. In a similar manner, if the taxable income does not exceed Rs. 5 lakh, no tax is required to be paid under the old tax regime for FY 2024-25. So, based on your taxable salary and the tax regime you choose, if your employer doesn’t deduct any tax, they might not give you a Form 16.

What Should You Check in Form 16?

Form 16 is a certificate your employer gives you. It shows your salary and the tax that was taken from it. It's useful when you file your income tax return. Form 16 has two parts: Part A This part includes:

• Your name and PAN
• Your employer's name, address, TAN, and PAN
• Details of the tax that was deducted and deposited during each quarter of the year
• It is downloaded from the TRACES website and will have the TRACES logo.

Part B This part includes:

• Your total salary
• Deductions (like investments under Section 80C)
• Tax exemptions (like HRAs or standard deductions)
• The tax regime (old or new) that your employer used to calculate your tax
• Make sure all the information is correct, especially your PAN, salary details, and deductions.

What is password to open Form 16?

Form 16 is often sent as a PDF file, and it may be locked with a password. The password is usually:

• Your PAN (in lowercase or uppercase)
• Your date of birth in DDMMYYYY format
• Or both combined.
• Check the email from your employer—they often tell you what the password is.

Can You Get Two Form 16s in a Year?

Yes. If you changed jobs during the financial year, both employers will give you a separate Form 16. You’ll need to combine the details from both when filing your tax return.