Pension payment: From life certificate to dearness relief, these 8 big rules of RBI are for the convenience of pensioners

Often people think that Form-16 is used only for ITR filing, but it is not so because it is considered an important document for many other things as well. But do you know that this is a financial document that can help you in other places as well? Yes, Form-16 can help you from getting a loan to getting a visa. So let us know the 4 big benefits of Form 16 which even a CA will never tell you.

Time to file tax

With the start of the new financial year, the ITR filing season has begun. Taxpayers currently have time till 31 July to file ITR. At the time of ITR filing, we get two options. The first option is the old tax regime and the second option is the new tax regime. You can choose any one option according to your convenience. But filling Form-16 is considered necessary for both options. So has this question ever come to your mind that what is the use of Form 16 apart from filing ITR?

Where is Form 16 used

Yes, Form 16 is not just used for filing tax. You might not know that it is used on many occasions like applying for loan. Yes, we will know in which four works apart from filing ITR, Form 16 can be used.

Apply for Visa

If you are planning to travel abroad and applying for a visa, then Form-16 is going to be useful for you. Form 16 can be considered as an important document for visa application. Yes, while applying for a visa, you have to prove financial stability. For this, Form-16 can be used as income proof. Form 16 contains proof of how regular your income is.

Help in taking a loan

We all change jobs from time to time. In such a situation, on joining a new company, it is necessary to show the salary and tax details of your previous company. Even if you do not have pay-slips at that time, Form-16 can help you here. Form 16 works to give complete information about your annual income and TDS. That is, it can be presented as income and tax proof.

For credit card

Everyone applies for a credit card with time. If you are also applying for a credit card, then Form-16 will be useful as a reliable income proof. Credit card issuing companies want to know whether the customer has the option of regular or fixed income or not.. so that he can pay the credit card bill on time. In such a situation, if there is no salary slip or bank statement, Form-16 can be used as income proof for credit card.

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