Income tax it return vs form 16

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Dear all

Pls difference between income tax return and form 16.

Regards,

 

Replies (13)

ITR is what you submit to the IT dept, and form 16 is a TDS certificate issued by the employer.

thanks but already form 16 then why filled it return. regards

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.

THANKS SALONI IF INCOME FORM ONE EMPLOYER THEN IT RETURN MUST OR NOT.

Form 16 is salary certificate and return is not a certificate....rest Miss saloni has answered correctly :)

thanks all of you.

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.

Form 16 is simply your tax credit certificate whereas it return is tax payable by you considering your credit...
Form 16 issue by deductor in salary case to deductee itr 1 file by deductee for showing his income detail and avail benifit of tds witg the help of form 16

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.

thanks mr. abhijeet soni this is best answer.


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