Form 16

ITR filing is now becoming increasingly paperless, but taxpayers must securely retain key digital tax documents. A tax expert explains which records to preserve, why backups matter, and how organised digital files can help during tax verification, assessments and future income tax notices.

A Mumbai IT professional faced a tax demand of ₹3.36 lakh after her employer failed to deposit deducted TDS. The ITAT ruled in her favor, stating tax demands cannot be raised if TDS is deducted but not remitted. Details of the case here.

A recent Mumbai ITAT ruling has brought relief to salaried taxpayers facing tax demands due to their employer's failure to deposit TDS. The tribunal held that an employee cannot be penalised for an employer's default once tax has already been deducted from salary.

Form 16, divided into Part A and Part B, is essential for salaried employees to prove tax deductions from their salary. Part A details employer and employee information, while Part B gives a detailed salary breakdown.

Form 16 forms the basis of income reporting in ITR. It is important to verify the details mentioned in it, including total income, tax deducted at source, exemptions, and deductions claimed during the financial year.

According to Mrinal Mehta, Joint Secretary at Bombay Chartered Accountants' Society, while filing without Form 16 is legally permissible, it can expose taxpayers to several reporting risks if proper precautions are not taken.

As the ITR filing season for FY 2025-26 begins, salaried taxpayers await Form 16, essential for accurate income tax filing. Employers must issue it by June 15, 2026, with employees needing it to verify earnings and tax deductions before the July 31 filing deadline.

The Income Tax Act, 2025, effective from April 1, 2026, renames Form 16 to Form 130. Salaried taxpayers should wait until June 15 to file ITR for AY 2026-27, as employers must provide Form 130 by this date for accurate filing.

The Income-Tax Department has released ITR 1-7 forms for FY26/AY27, including Excel utilities for forms 1 and 4 for offline preparation. Here's why experts advise salaried taxpayers to wait till June 15 to file their income tax returns…

ITR Filing: Salaried taxpayers will be able to file their taxes once they receive their Form 16 by 15 June 2026. As we enter the ITR filing season, it is important to know that the tax laws of India still allow you to claim deductions against capital gains.