ITR Filing: Income Tax Department made important Changes in Form 16, Salaried Employees Must Know Before Filing ITR!
Income Tax Department has made important changes to Form-16 this year, which will directly impact salaried individuals filing their ITR for FY 2024-25. These changes will increase transparency and accuracy in ITR filing.
You need to know the changes before you file your ITR for better tax planning. Otherwise, you may face delays in TDS refund after filing ITR.
Proof Is Now Mandatory
The basic structure of Form 16 that you used to get till last year is the same. During the Union Budget 2024, the Finance Minister has introduced changes in the ITR forms that allow taxpayers to select the old tax regime to submit documentary evidence for their claimed deductions.
Taxpayers will have to keep documents for deduction, such as proof related to investment under section 80C, ELSS, PPF, LIC etc. Apart from this, rent receipts is also necessary for HRA.
If you are taking advantage of the exemption on home loan interest, then its certificate is also necessary to keep. Tax Experts have warned that if there is no proof, the deduction may be canceled by the Department and a penalty might be imposed. Taxpayers are advised to keep a digital or physical copy safely, otherwise, you may face a penalty or rejection during investigation.
TDS Refund Could Get Delayed or Reversed
The department will reject any wrong or unlegitimate refund claims that might lead to delays. The income tax department has the authority to recover refunds granted in the past four years if discrepancies are found. Therefore, it’s important to cross-check all information before filing your Income Tax Return (ITR).
If you have already filed your ITR, then here is how you can check the refund status.
- Check ITR status via www.incometax.gov.in
- Log in with your PAN and password
- Go to “My Account” → “Refund/Demand Status”
- Click on the receipt number to view refund details
Form-16 is still important
If you change jobs during the middle of the financial year, you will get a separate Part A from each employer. If Form-16 is lost, you can ask for a duplicate copy of it from your employer.
Form-16 is an important TDS certificate that summarizes the tax deductions and salary details. It has two parts, Part A PAN, TAN, and tax deduction details of the employee and part B contains Salary breakup, exempted allowances, and claimed deductions.
Any mismatch between your Form 16 and the filed ITR could lead to notices from the department.
Last date for Filing ITR
CBDT has extended the ITR filing date to September 15, 2025, which allows taxpayers more time to collect all the required documents and file ITR accurately..
