Received Form 16? Don’t File Your ITR Without Checking These Points!

If you’re a salaried employee in India, Form 16 is your golden ticket to filing your Income Tax Return (ITR). It’s a crucial document issued by your employer that summarizes your salary, deductions, and the TDS (Tax Deducted at Source) deducted during the financial year.

While receiving Form 16 is a good start, don’t rush to file your ITR just yet! Before you hit “submit,” here are some critical checks you must do to avoid errors, mismatches, and potential notices from the Income Tax Department.

✅ 1. Verify Your Personal Information

Make sure your:

• Name

• PAN Number

• Address

• Assessment Year

...are correct and match your PAN records. Any discrepancy here could delay your return or refund.

✅ 2. Cross-Check Salary Details

Compare your Form 16 salary figures with:

• Your monthly payslips

• Form 26AS or AIS (Annual Information Statement)

Ensure that gross salary, exemptions (like HRA, LTA), and standard deduction are correctly reflected.

✅ 3. Check TDS Credit

Ensure the TDS mentioned in Form 16 matches the Form 26AS. Sometimes, employers might deduct TDS but delay depositing it with the government. If it doesn’t appear in 26AS, you won’t get credit for it.

✅ 4. Match Deductions Under Section 80C, 80D, etc.

Form 16 may include deductions like:

• 80C (LIC, PF, PPF, tuition fees, ELSS)

• 80D (Health insurance)

• 80TTA (Savings bank interest)

Cross-verify the deductions claimed with your actual investment proofs. If you’ve made eligible investments after submission to your employer, you can still claim them in your ITR.

✅ 5. Report Other Incomes

Form 16 covers only your salary income. You still need to add:

• Interest income from savings/fixed deposits

• Rental income (if any)

• Capital gains from stocks or mutual funds

• Freelance or side income

Failing to report these can lead to tax notices.

✅ 6. Declare Exempt Incomes Too

Even though some incomes are tax-free, they must still be declared:

• Interest from PPF

• Agricultural income

• Tax-free dividends (up to a limit)

This ensures transparency and reduces risk during scrutiny.

✅ 7. Choose the Right ITR Form

Salaried individuals usually file:

• ITR-1 (Sahaj): For income up to ₹50 lakhs, salary + one house property + other sources

• ITR-2/3: If you have capital gains, multiple properties, or business/professional income

✅ 8. Check Tax Liability or Refund

After entering all your income and deductions:

• If your tax liability > TDS: Pay the remaining tax via challan.

• If excess TDS deducted: You’ll get a refund after ITR processing.

Always use challan 280 for self-assessment tax, and enter the details correctly in your return.

🛡️ Final Thoughts

Form 16 is only a part of the ITR story. Filing without proper review can lead to errors, notices, or delayed refunds. Take your time, cross-check all sources of income and deductions, and file accurately.

Need Help?
Let experts at EASY MY TAX assist you in reviewing your Form 16 and filing your ITR correctly and confidently.

📞 Call us today or file your return online with us — safe, fast, and accurate!