Dear all
Pls difference between income tax return and form 16.
Regards,
Dear all
Pls difference between income tax return and form 16.
Regards,
ITR is what you submit to the IT dept, and form 16 is a TDS certificate issued by the employer.
Form 16 is received from a particular emloyer & all incomes of an assessee are not covered under it.
Income tax return is filed for all incomes of an individual.
Form 16 includes salary income and not income from capital gains, income from other sources, income from business/profession. Whereas ITR includes all in detail.
Form 16 is salary certificate and return is not a certificate....rest Miss saloni has answered correctly :)
also there may be difference in ur income declared in form 16 and actual income (from salary), as there might be some deductions u may not have declared to ur employer (like 80D, 80G, 80E) etc, and which might not get reflected in ur form 16, so if you think that deduction is high and u can reduce ur liability, then definately file ITR.
IT Return is the return tobe filed by the assessee in respect of tax on income in a particular financial year. It is submitted to IT Department. Form 16 is the certificate of TDS on salary which is issued by employer to employee.
sir ITR is the document which filled by the Assessee itself for showing total income that earned in a particular financial year and tax payable or not .in other word a statement which showing all the sourses of income and all deductions that applicable by Assessee.
other side the Form 16 is issued by employer only showing the income from salary that earn from single employer and not to evidence of total income of an Assessee.
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