Taxpayers now have two options for filing ITR. These include the Old Tax Regime and the New Tax Regime. If you use any of these tax regimes, then you have to fill out Form-16.
However, this form can be used not only at the time of filing tax but also at many other places. Taxpayers have time till July 31 to file ITR. Before this, all taxpayers should remember to file ITR, otherwise, you may have to pay a heavy fee.
Form-16 can also be used in these places
1. Can be used in visa
If you are thinking of going abroad and want to apply for a visa, then Form-16 can be used here. 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, the pay slip received from the company can also be used as income proof.
2. While applying for a loan
If you are planning to apply for a loan, then Form-16 can be used here. Every financial institution and bank asks for income proof from you while giving a loan. Because these institutions give loans only to those individuals who have a stable source of income.
In such a situation, if you do not have a pay slip or any other income proof option, then Form-16 can be chosen.
3. Credit card
If you apply for a credit card, then income proof is also asked from you here. Because you must have an income source to pay the credit card bill. No matter which credit card you take, the company asks for income proof from you. For this, you can use Form-16 as income proof.
4. Can be used while changing jobs
However, this form can be used not only at the time of filing tax but also at many other places. Taxpayers have time till July 31 to file ITR. Before this, all taxpayers should remember to file ITR, otherwise, you may have to pay a heavy fee.
Form-16 can also be used in these places
1. Can be used in visa
If you are thinking of going abroad and want to apply for a visa, then Form-16 can be used here. 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, the pay slip received from the company can also be used as income proof.
2. While applying for a loan
If you are planning to apply for a loan, then Form-16 can be used here. Every financial institution and bank asks for income proof from you while giving a loan. Because these institutions give loans only to those individuals who have a stable source of income.
In such a situation, if you do not have a pay slip or any other income proof option, then Form-16 can be chosen.
3. Credit card
If you apply for a credit card, then income proof is also asked from you here. Because you must have an income source to pay the credit card bill. No matter which credit card you take, the company asks for income proof from you. For this, you can use Form-16 as income proof.
4. Can be used while changing jobs
While changing jobs, you have to show income proof to the new company. Whether it is to show TDS or details of income amount, Form-16 can be used in both these. If you do not have sufficient pay slips, then Form-16 used in ITR filing can be used.
Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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