An ITR Form - 16 is related to income tax. ITR Form - 16 or Income Tax Return Form - 16 which acts as a legal proof for a timely return of tax payments. The ITR Form – 16 is a valid form for a tax payer to submit their income taxes.
The form acts as a document between the taxpayer and the government, which discloses your income to the government.
Apart from just submitting the income tax returns, the form also contains information on ‘how your tax was calculated depending on the investment declaration made at the beginning of that financial year’.
Hence, it is mandatory to fill the income tax return form and submit the taxes timely. If the yearly income of a person is less than 2.5 lakhs then they are not liable to fill the ITR Form – 16. However, it is totally a free will form which can be filled by any person who earns less than 2.5 lakhs per annum.
Why it is necessary to fill ITR Form - 16?
All the expenses and income sources are counted in the ITR Form - 16 like house rent, medical bills, company allowances, salary, etc all are comprised in the ITR Form - 16. The ITR Form - 16 also acts as the TDS certificate. The form can also be used to acquire different types of loans and can ease-out the loan process, while making the loan process quick.
Can you download the ITR Form - 16?
A person who earns a salary and has an income of above 2.5 lakhs rupees per annum can download the ITR Form. The ITR Form – 16 is published by the company and a person can directly download the form from the company.
Some people download the ITR Form – 16 directly from TRACES website (which is false and is considered as an illegal practice).
ITR Form - 16 benefit in Solar Loan?
The ITR Form - 16 is one of document that can ease-out the process of acquiring any type of loan like home loan, car loan and even solar loan. The ITR Form – 16 can make the solar loan process easy under the ‘Aatma Nirbhar Bharat Scheme’ and anyone can install the solar panels/solar systems in their homes and can use renewable source of energy.
To get ‘0 electricity bill’ use solar panels for your home.
Use 5-kW Solar System to make your home electricity bill free
A solar system of 5 kW can easily run the daily electricity needs of a home and can dramatically cut-short the electricity bill. A 5-kW solar system can reduce the dependency of direct electricity supply from the local DISCOM (Distribution Company) by 50% or more. A 5-kW solar system consists of a hybrid inverter and solar panels of very high efficiency technology which can generate more power in less light.
It is mandatory to fill the ITR Form – 16 if the person is earning more than 2.5 lakh rupees per annum. We hope that our article has provided you the information that you were looking for. To know more about interesting facts and articles keep reading our articles and keep following us.