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Got your Form 16? You should file income tax returns early to enjoy benefits

Tax experts say in case you have not yet got your Form 16 it is time to remind your employer since a few weeks of the new financial year has already elapsed.

May 11, 2017 / 02:23 PM IST

Has your employer handed over your Form 16 for income earned and tax deducted during 2016-17 for which you need to file your tax returns this fiscal?

If you have it with you, you should quickly prepare to file your tax returns as early as possible, since you stand to gain from being one of the early birds providing information to the tax deparment.

Tax experts say in case you have not yet been handed over Form 16 it is time to remind your employer since already a few weeks of the new financial year has elapsed.

“It is time to pinch your employers to issue you the Form 16 at the earliest, so that you can file your returns early. Out of the many benefits of filing early returns is that you stand to get your tax refund early, if any,” says Sudhir Kaushik, co-founder and CFO, Taxspanner.com. The Income tax Act says that the last date for issuing Form 16 is May 31 of the assessment year.