Form 16 must be issued by employers by June 15, 2026, making it a crucial document for salaried taxpayers filing ITR 2026. While taxpayers can file their returns without Form 16, tax experts warn that missing income or TDS details could lead to errors and notices. According to Mint, this deadline creates a critical window for taxpayers to ensure their salary income, exemptions, and deductions are accurately reflected in their tax returns. Employers must verify all details in both Part A and Part B before issuing the certificate, ensuring comprehensive accuracy before sharing with employees.
Salaried taxpayers filing income-tax returns for FY 2025-26 should conduct thorough pre-submission checks before filing. According to reports from Mint, errors in ITR filing can lead to notices, delayed refunds, or loss of eligible deductions. The process involves verifying Form 16 details by comparing salary income, exemptions, deductions, and TDS with what appears in the ITR form, ensuring there are no discrepancies between Part A and Part B. With the June 15 deadline approaching, taxpayers must prioritize completing these verification checks to avoid filing delays. Form 16 serves as official proof that tax has been deducted from salary and deposited with the Income Tax Department, making it essential for accurate filing.
Taxpayers must review the tax regime chosen to determine whether the old tax regime or new tax regime is more beneficial. As reported by Mint, the default regime may not always be optimal depending on deductions and exemptions. Key deductions to verify include Section 80C investments such as EPF, PPF, ELSS, and life insurance premiums under the old regime, along with Section 80D (health insurance), Section 80CCD(1B) (NPS), Section 80G (donations), and Section 80TTA/80TTB (interest deductions). However, the new tax regime is now the default for FY 2025-26, requiring taxpayers to actively opt into the old regime to claim 80C benefits. Salaried taxpayers can switch between regimes annually, while taxpayers with business income face tougher restrictions.
According to Mint, taxpayers must report all bank interest including savings account, fixed deposit, and recurring deposit interest, as banks may not deduct TDS in all cases. Dividend income from shares and mutual funds must be included, with cross-checking against AIS and broker statements. Capital gains from shares, mutual funds, bonds, and property sales should be verified using broker and AMC statements rather than estimates. Unlisted shares have a 24-month threshold for long-term treatment, while debt mutual funds bought after April 1, 2023, have no LTCG benefit at all, with gains taxed at slab rates regardless of holding period. With the June 15 deadline approaching, taxpayers must ensure all income sources are properly documented and verified against official statements.
For multiple employer situations, taxpayers must ensure income from all employers is included and TDS calculations account for total annual salary. As reported by Mint, bank account details must be verified carefully to avoid refund delays due to incorrect account numbers or outdated IFSC details. House Rent Allowance claims require rent receipts and verification of landlord PAN requirements. With the June 15 deadline approaching, taxpayers should prioritize verifying all employment-related details to avoid filing complications. In case of job changes during FY 2025-26, both employers must issue Form 16 for their respective periods, ensuring complete coverage of all employment income.
The Income-Tax e-filing portal now pre-fills much more information than before, including salary, interest income, TDS credits, and investment details. However, according to Mint, pre-filled data can still contain omissions or timing differences that require verification against personal records. Experts advise waiting until AIS data is fully updated before filing, as AIS and related reporting may not be fully populated immediately after filing utilities become available. For AY 2026-2027, taxpayers with diverse income sources should wait until June 15th to file to avoid discrepancies that could lead to income tax notices from the Income Tax Department. The last date for filing income tax returns by individual taxpayers is July 31, while non-audit taxpayers filing ITR-4 have until August 31. Since employers generally issue Form 16 by June 15, taxpayers get over a month to verify their income and tax details before the filing deadline.
