For businesses, an audit is generally required when turnover exceeds ₹1 crore in a financial year.
Form 16 only records your salary details and any tax deducted at source by your employer.
One of the biggest changes is the expansion of eligibility for ITR-1 and ITR-4.
The deadline for issuing Form 16 for FY 2025-26 is June 15, 2026.
According to a Bloomberg report, the proposal reportedly came from the Reserve Bank of India.