How to correct form 16 data?
- 6 Comment
Introduction
If you are a salaried person, you will get the Form 16 from your employer to file the IT returns. Form 16 is the form which shows the details of your total income and how much tax deducted by your employer. It is the duty of your employer to provide the Form 16 for every financial year. If you are not aware of form 16, please read What is Form 16?. This article provides some inputs when your form 16 has the wrong data and how you can change that while filing the IT returns. If you have any doubts, post it in the comments section. Please subscribe to our future articles here.
Wrong Form 16 Data
There is chance for the mistake while issuing the Form 16. Here mistake means, there can be less deductions shown in the form 16. The following are few reasons why form 16 can have wrong data:
- If you have not submitted the proofs of all the investments, it would not have mentioned in the form 16.
- You may forgot to submit the bills for all the investments.
- If employer did not accept your rent receips for the HRA exemption.
- May be you have decided to submit the proof at the end of financial year, after issuing the form 16.
In the above case, it is your responsibility to correct the data while filing the IT returns. You can mentioned the correct information and wait for the refund from the income tax department. This will be a tedios process and takes long time.
It is always advised to submit the proofs on time and valid bills for all the deductions to avoid the excess tax cut.
Summary
If you have not submitted the bills, don’t worry about that. Still you have the chance to get refund. Only thing is it takes more time. Hope this article helps to understand the form 16. If you have any doubts please post it in the comments section.
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6 Comments on this post
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Parimal said:
Hi,
I wanted to know how long does it take to get the IT refund? I have claimed some returns while filing the IT returns for year 06-07 from Bangalore and 07-08 from Hyderabad, but still haven’t received any update from the IT department. Can you please let me know as to which whom and how to follow up on this?
Thanks,
- PDecember 11th, 2009 at 7:32 am -
Sudha said:
If the gross salary is not come under the slab of tax payer for example Rs.100000/-. Still the form 16 issued by the employer to the employee ?
January 20th, 2010 at 12:08 am -
krishnas said:
Hello Sudha,
If tax is not deducted, there won’t be any form 16.
Thanks,
KrishnaJanuary 20th, 2010 at 12:46 am -
geetha said:
If a staff joined in Jan-10, and his pay was applicable for TDS in previous company. In new company, this pay in prev.co. taken for calculation of TDS in new co. While issue of form-16 in new co. whether the pay information of previous company will include or not.
March 8th, 2010 at 2:46 am -
ROHIT said:
I AM WORKING AS A CONSULTANT .
I AM PAYING SERVICE TAX AS PER RULES – 10%.
Do I HAVE TO PAY INCOME TAX ALSO.? PLEASE CONFIRM
REQUEST FOR AN EARLY REPLY
ROHIT
March 17th, 2010 at 11:20 am
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