Income Tax Return for AY 2023–24: When do salaried employees get their Form 16? Here’s a quick guide to filing ITR

Salaried employees can soon get their Form 16 from their employer to file their Income Tax Returns (ITR) for assessment year (AY) 2023-24. To make the tax filing process more manageable, the I-T department pre-fills ITR forms with details of income and taxes paid by the assessee during the year. However, taxpayers should remain cautious while using pre-filled ITR forms and consider filing only after verifying all information present in the forms before submitting it or assessment.

Thus, even though the tax filing season has officially started, one should wait for Form 16 from their employer. Mostly salaried individuals are eligible to fill in ITR-1 (Sahaj). This form applies to taxpayers with income no more than Rs 50 lakh for the financial year.

Vijay Bharech, Deloitte Haskin & Sells LLP, says, “Employers are required to issue Form 16 to employees by June 15, 2023, for the financial year 2022-23. As a run-up to tax filing, taxpayers should also collate details of other income such as capital gains statements, details of interest income of fixed deposits, rental income and any investment made for claiming deductions. They should also compute the final tax liability and pay the remaining tax if required to avoid additional interest liability. Before filing the tax returns, taxpayers need to verify the details reported in their Form 26AS, AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).”

Taxpayers must also ensure that income details match these statements. Finally, taxpayers need to check whether they have linked their Permanent Account Numbers (PAN) and Aadhaar numbers; if not, they need to link both as the deadline for linking PAN cards with their Aadhaar is 30 June 2023.

Steps to file your income tax return (ITR)  

Here’s a quick guide to follow to file and submit your ITR online:

Step 1: Log in to the e-Filing portal using a user ID (PAN/ Aadhaar) and password.  

Step 2: On the dashboard, one has to select e-File > Income Tax Returns > File Income Tax Return and select Assessment Year as 2023–24, and mode of filling, as online.  

Step 3: After that, one has to choose statuses, such as individual and the correct tax return Form. To proceed further, they need to mention reasons for filing ITR, and the choice of the tax regime is to be confirmed.  

Step 4: Once you have selected the ITR applicable to you, note the list of documents needed and click Let's Get Started.

Step 5: Select the checkbox applicable to you regarding the reason for filing ITR and click Continue.

Step 6: If you wish to opt for New Tax Regime, select Yes in the Personal Information Section. Please note the pop-up information that certain deductions and exemptions are not available in the new tax regime. Review your pre-filled data and edit it if necessary. Enter the remaining/additional data (if required). Click Confirm at the end of each section.

Step 7: Taxpayers should ensure the auto-populated information is correct and complete before submitting the returns form. After submission, the tax return must be e-verified to complete the filing process. You must check the bank account linked with your account.

Step 8: A message is displayed after successful payment through the e-Filing portal. Click Back to Return Filing to complete the filing of ITR.  

Step 9: Select the declaration checkbox and click Proceed to Preview on the Preview and Submit Your Return page. Preview your return and click Proceed to Validation.

Step 10: On the complete your verification page, select your preferred option and click continue. Note:  If you choose e-Verify Later, you can submit your return. However, you will be required to verify your return within 30 days of filing your ITR.

Step 11: On the e-Verify page, select the option through which you want to e-Verify the return and click Continue.  

Once you e-Verify your return, a success message and the Transaction ID and Acknowledgment Number are displayed. You will also receive a confirmation message on your mobile number and email ID registered on the e-Filing portal.

Point to note  

You don’t have to submit any documents when you file the ITR. However, if the I-T department requests, you must keep the relevant documents handy and provide them to tax authorities.