Form-16: Taxpayers now have two options to file ITR. This includes old tax arrangements and new tax system. If you use any of these tax arrangements, you have to fill Form-16.
However, this form can be used not only while filing tax, but also in many other places. Taxpayers have till July 31 to file ITR.
All taxpayers should remember to file ITR in advance, otherwise you may have to pay heavy duty.
Not only ITR, Form-16 is helpful in these 4 works including visa-lone
1. Can be used in visa
If you are planning to go abroad and want to apply for a visa, you can use Form-16 here. Actually, while applying for a visa you have to show financial stability, for which you can use Form-16. This form can be used as income proof. Apart from Form-16, you can also use pay slip received from the company as an income proof.
2. While applying for loan
Form-16 can be used here if you are thinking of applying for a loan. Every financial institution and bank asks for income proof when giving loans. Because these institutions only give loans to those who have a stable source of income.
In such a situation, if you do not have a paylip or any other income proof option, Form-16 can be selected.
3. Credit Card
If you apply for a credit card, then income proof is also sought from you. Because you must have an income source to pay credit card bills. Regardless of any credit card you take, the company will always ask for income proof from you. For this, you can use Form-16 as income proof.
4. Changing jobs can be useful
While changing the job, you have to show proof of income to the new company. Whether to show TDS or show details of income amount, Form-16 can be used for both. If you do not have enough pay-slip, Form-16 used in ITR filing can be used.
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