ITR filing FY 2024-25: Several changes in Form 16! Top things salaried taxpayers shouldn’t miss

The fiscal year 2024-25 brings several updates to Form 16, the certificate issued by employers detailing the income and tax deducted for salaried taxpayers. Employers are required to provide this crucial document by June 15, 2025, allowing taxpayers ample time to prepare for their Income Tax Return (ITR) filing. This year, the changes aim to streamline the reporting process and ensure greater transparency in income declaration. One notable update is the enhanced disclosure requirements for exemptions and deductions. Taxpayers must now provide detailed information on various allowances, such as house rent and leave travel, directly on Form 16. This change is expected to reduce discrepancies and improve accuracy in tax calculations. Moreover, the incorporation of additional sections for reporting income from other sources will aid in creating a more comprehensive financial overview for taxpayers. Salaried individuals should also be aware of the revised format for reporting tax-saving investments. The new structure mandates a clearer breakdown of contributions towards schemes like Provident Fund and National Pension System. These modifications not only simplify the filing process but also encourage taxpayers to maximize their eligible deductions. As the ITR filing deadline approaches, staying informed about these changes is crucial for a seamless and accurate tax filing experience.

— Authored by Next24 Live