Income tax return filing for FY22-23: Form 16 issue date, ITR forms and more

Salaried individuals will have to wait till mid-June for filing income tax returns (ITR) for the financial year 2022-23 as this is the time when employers issue Form 16. As per the rule, employers issue Form 16 every year on or before June 15, immediately after the financial year in which the tax is deducted. As of now, the e-filing portal of the Income Tax Department doesn’t have the option of ITR filing for salaried taxpayers for AY23-24.

Form 16 is a certificate issued by an employer and it contains the information that one needs to file the income tax return (ITR). These certificates provide details of TDS/TCS for various transactions between the deductor and deductee.

Form 16 has two components – Part A and Part B.

Part A includes components such as name and address of the employer, TAN and PAN of the employer, PAN of the employee, and summary of tax deducted and deposited quarterly, which is certified by the employer, according to ClearTax - an income tax e-filing website.

Part B contains a detailed breakup of salary, a detailed breakup of exempted allowances under section 10 and deductions allowed under the Income Tax Act (under chapter VIA).

In case an individual loses Form 16, they can request a duplicate one from their employer. On changing jobs in one financial year, every employer issues a separate Part A of Form 16, for the period of employment, according to ClearTax.

Generally, taxpayers are required to file ITR by July 31 of any year (unless extended by the government).

ITR filing is an annual activity seen as a duty of every responsible citizen of the nation. A person can claim the refund of the excess tax paid/deducted during a financial year by filing an ITR for that year.

The I-T department has established an independent portal for the e-filing of income tax returns. The Income Tax Department has recently notified six forms for filing ITR this year along with ITR-V (verification form) and ITR acknowledgement form.

The filing forms include Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, and Form ITR-6. Among these, ITR 1, also known as Sahaj, is available for individuals who are residents with a total income up to Rs 50 lakh, who have income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs 5,000.

Similarly, there is ITR-3 which is applicable for income from business or profession and ITR-4 for the presumptive method of taxation such as for freelancers.

It is always better to file ITR as soon as possible. Waiting for the last minute can lead to errors in filing due to challenges thrown by the e-filing, experts suggest. ITR filing requires diligent care and attention to ensure that the details are accurate.