June 15 Deadline: Pay Commission, Advance Tax and Form 16

Taxpayers must carefully calculate their estimated annual income and pay the first installment by today. Failure to do so may attract interest under the Income Tax Act. To avoid a large lump-sum outflow and potential interest charges later, taxpayers should review their expected income, investments, and eligible deductions now.

3. Form 16 Issuance for FY 2025-26

Employers are currently in the process of issuing Form 16, the tax-deduction certificate for salaried employees, for the financial year 2025-26. Form 16 contains details of salary paid, tax deducted at source (TDS), exemptions claimed, and tax deposited with the government. It is a key document for filing Income Tax Returns (ITRs).

With Form 16 distribution underway, the annual income tax return filing season is expected to gather momentum over the coming weeks. Taxpayers should verify the information in their Form 16 against salary records, Form 26AS, and the Annual Information Statement (AIS) before filing their returns.

A note on the new numbering system: While the Income Tax Act, 2025, has introduced Form 130 (replacing Form 16) from Tax Year 2026-27 onwards, salaried taxpayers for FY 2025-26 will continue to receive and use the existing Form 16 format.

In short, today is the last date for 8th Pay Commission representations, the first advance tax installment deadline, and the start of Form 16 distribution. Taxpayers and stakeholders with pending actions should complete them by the end of the day to avoid penalties or missed opportunities.