ITR Filing: If you have received Form 16, have you checked its details? Know the difference between Part A and B here...

The ITR filing process is about to begin. In such a situation, you should not wait for the last date. On the last day, there may be a server down due to a heavy load on the portal. In such a situation, you should file the return as soon as possible. While filing ITR, you should pay special attention to many things.

You must pay attention to the fact that there should not be any wrong information in it. A little wrong information can land you in trouble. Let us know what things you should keep in mind while filing ITR.

Form-16
Salaried individuals can start filing income tax returns for the financial year 2022-23. Many companies have not issued Form 16 for their employee. Form 16 is an essential document while filing ITR. It contains information related to your tax deduction. In this, information about TDS or TCS is also given. In this, along with allowances and deductions, the income earned in the form of income is also told. Many experts believe that Form 16 is a good starting point for filing ITR.

Parts of Form-16
You will get two parts in Form 16. It is also called Part A and Part B. In Part A, information about your income and tax deducted for the month is given. This information is given by the company. Part B of Form-16 gives information about the salary paid by the company as well as any other income source and tax deducted thereon

You should keep in mind that there should not be any wrong information in it. While filing ITR, keep in mind that there is no mismatch of information.

What to check in Form-16?
You should first check in Form-16 that the TAN and PAN number mentioned in the form should be correct.
You should check whether the information on tax deduction on salary given on your salary slip is correct with the information given in the form or not.
You should also check whether information about many things like house rent allowance (HRA) and the standard deduction has been given on Form-16 or not.
If you have opted for the new tax regime, then you will not be given any tax deduction on life insurance premiums, provident funds, health insurance premiums, etc.
Which of the new tax options has been selected should be mentioned in Form-16.

There is more than one Form-16
If taxpayers have more than one Form-16, then they have to give information about all their income. Only after this, the tax is calculated according to the applicable slab rate.

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