Indian Income Tax Return Verification Form - Income Tax Department: Fill & Download for Free

Hi!e-filed Income Tax Returns (ITR) are generally processed faster by the income tax department (ITD).It usually takes 3–6 weeks to get the income tax refund from the date of e-filing the return. The ITD is planning to speed up the refund issue process.You can track your ITR refund by using Track ITR Refund ToolHowever, it may take longer to issue the refund if:You have not e-verified your ITR. Your ITR will not be processed unless you e-verify the ITR within 120 days of ITR filling.[1]You receive a Notice from the ITD. You may receive a notice if the ITD find any discrepancy during the assessment of scrutiny.Filing of incorrect ITR form. The ITR form you are required to file vary based on your income situation. You can use Know your ITR Form tool to find which ITR you are required to file in an AY.Any discrepancy in incomes reported in the ITR and your Form 26AS. Individuals usually earn income from various sources (interest, dividend, house property, commission, professional fees, etc.), all the sources are required to be disclosed while filing your ITRMismatch in Income Tax Dues / Refund calculation according to the ITDRead More: How do I e-file ITR myself?Hope this helps! For any further query feel free to drop us a message or leave a comment below.Footnotes[1] ITR e-Verification - Plan | Quicko

What is Form 16?Form 16 is a tax document that carries all the information a salaried individual requires to file their Income Tax returns. As per the tax rules of India, you need Form 16 as a proof that your employer has deducted TDS on your salary. It’s issued on a yearly basis, and you’re supposed to fill it on or before 31st August every year.Form 16 has two parts—A and B. Here are the details:Form 16 Part A/Traces Form 16It consists of the PAN (Permanent Account Number) and TAN (Tax deduction & collection Account Number) details of both the employer and employee. Apart from these, it also mentions various other details like the name and address of both the employer and the employee, the assessment year and the time you spent working with the employer. It showcases a detailed summary of the TDS deductions from your monthly salary.Form 16 Part B/Salary Statement/AnnexureApart from carrying the details of your yearly earnings, this part mentions other crucial details like deductions that you claimed under Section 80 of the Income Tax Act. These include Life Insurance premium, EPF, PPF, NSC, or donations made towards charity. It basically gives your total taxable income.Who is supposed to fill Form 16?According to the regulations issued by the Finance Ministry of the Indian Government, every salaried individual who falls under a taxable bracket is supposed to fill this form.How to get it?Your employer will provide you with this document which is also commonly known as a salary certificate. In case you don’t receive it from your employer, you can also download the PDF version from the website of the Income Tax Department.Why do you need to fill it?You need Form 16 while filing your income tax returns for the financial year.It reflects your total earnings and Income Tax that has been deducted from your salary.While applying for any kind of loan, banks will most likely ask for your Form 16, as a part of their verification process.Filing your ITR (Income Tax Return) online using your Form 16Things you can fill directly from Form 16:Gross salary detailsCheck Part B of your Form 16. Your gross salary details will be mentioned as the first point, right there.Deductions under Chapter VI-AThe ninth point of Form 16 Part B will give you the details of all deductions under Chapter VI-A.Net tax payableThis will be the 18th point on your Form 16, Part B.TDS (Tax Deducted at Source)You’ll find your TDS details in Part B of Form 16.In case you’ve changed jobs during the same financial year, you need to fill more than one Form 16 (depending on the number of job switches). It basically has to be filled separately for each employer.Additional Reading:Are You An Honest Taxpayer?How to Calculate TDS from Salary - TDS GuideForm 16 in India - Example Format ExplainedIf you have any other Personal Finance queries, you can follow and tweet out and I'll be happy to answer them for you - Adhil Shetty (@adhilshetty) | Twitter

Income Tax :I'm able to compute my tax and do an e-filing of my income tax returns on my own. I do not have to struggle any more. Our Income tax department have improvised its e-filing services better now than ever. Once we had to download the spread sheet of macro template to update our tax details and later convert it to xml format to get the ITR-V processed. But now we do not have to do all this you see.With the help of technological advancements, our Income tax department have used rich features in the web interface to make the tax payers job simple and easy. Indeed they made it simple for all the tax payers.Some of the notable services like alerts/notifications on e-filing to the tax payers and E-ITR verification.Tax Refund:There used to be delays in processing and receiving the fund from the Income Tax department. You had to be patient till you get your money back. It was little hard to trace back. The IT department itself is taking quite a long time to process your request.But this year, a friend of mine who had to receive the refund money from IT department, he had filed the IT returns and submitted all the required proofs and papers on time.His refund request was found to be correct as per the IT department's calculation, hence his refund request was approved and accepted. He had received his money in less than 15 days time since he has done the e-filing. He has received the notifications on refund paid.It is such a good improvement by IT department and such a timely act is good to their part as well.IT department helping us to get our rightful cash back from them in an efficient way signifies that they are doing good.This made me feel like India is really changing. Indeed for good.