The payroll departments of companies have started mailing their employees about the availability of Form 16 for FY 2022-23. It is an important document for Income Tax Return (ITR) filing, containing details of income and tax deductions in the previous financial year. While employees can get Form 16 directly from the payroll departments of their companies, it can also be downloaded from the TRACES website of the Income Tax Department.

Form 16 download, mistake correction before ITR filing for AY 2023-24

How to download Form 16 on the Income Tax TRACES website
To begin the process, simply enter your PAN as the user ID on the TRACES website (www.tdscpc.gov.in). From there, navigate to the download menu and select Form 16. Next, choose the desired financial year for which you wish to acquire

What to do after receiving Form 16?
After downloading Form 16, salaried taxpayers should check that all details are correct. In case of errors, read on to understand what you should do. Immediately contact your employer if there is some error in Form 16. “The errors of Form 16 can only be corrected by the employer, which takes some time to be corrected. If some mistake is noticed, it is advised to contact the employer ASAP.”

TDS certificate (Form 16) and Form 26AS are two major documents that are required while filing ITR. These documents must match in all respects for a smooth ITR filing. “If there is any error in Form 16 because of the employer’s mistake, then the same can be rectified by your employer at your request. Subsequently, a revised Form 16 will be issued to you by your employer. Provide them with the necessary details and documentation to support your claim. They will rectify the errors and issue a corrected Form 16,”.

How the employer can rectify errors in Form 16

Employers can rectify the mistakes in Form 16 by following the below steps:

• Choose the option ‘Taxpayer is correcting data for Tax Credit Mismatch only’ when filing your revised TDS Return. This option allows you to correct the TDS data without changing the original TDS return.
• Fill in the relevant details in the revised TDS Return and submit it. Keep in mind that it may take some time for the revised TDS Return to be processed.
• Even after filing the revised TDS Return, the correction will take additional time to reflect in Form 26AS. Therefore, it is essential to periodically check your Form 26AS to ensure that the TDS details are accurate.
• If you file your income tax return online, you can access Form 26AS from your Income Tax e-filing account. Reviewing Form 26AS regularly will help you identify discrepancies and take appropriate steps to rectify them.

The due date for Income Tax Return filing for AY 2023-24 is July 31, 2023.

~Navneet Shukla