Image Source : FILE PHOTO Representational picture of ITR
Form 16 makes it simple for salaried workers to document their Income Tax Return (ITR). It contains subtleties about your pay and tax deductions made by the business in the financial year. However, tax professionals claim that it is also possible to file an ITR without completing Form 16.
What is Form 16?
Form 16 is a record of Tax Deduction at Source (TDS), and it conveys the subtleties of complete expenses paid in a monetary year by a salaried citizen. The TDS certificate that an employer issues at the conclusion of a financial year is known as Form 16.
Obtaining Form 16 may be delayed if the employer has specific financial issues or plans to close the business.
It may also take some time to issue Form 16 if you change jobs without following proper exit procedures.
How to file Income Tax Return without Form 16?
– Collect all of your salary slips for the financial year in which you are preparing your income tax return. These payslips ought to contain compensation subtleties, recompenses, allowances, and other pay parts.
– Calculate your taxable income by combining the data from your salary slips. It should consider all the components of your salary, like your basic salary, remittances, perquisites, rewards, and so forth. Subtract deductions, for example, house rent allowance (HRA), standard allowance, proficient expense, and so on. You’ll get your taxable income from this.
– Check your bank statements to find other sources of income besides your salary. This could incorporate interest pay, profits, or some other type of pay. Include these figures in the calculation of your taxable income.
– Through the Income Tax Department’s website, you can access your Form 26AS. A consolidated statement of all taxes deducted from and deposited against your PAN can be found on Form 26AS. Confirm that the TDS details referenced in Form 26AS match your determined income subtleties. Contact the deductor—your employer or bank—to rectify any discrepancies.
Also Read | ITR filing deadline AY 2023–24: Where and how to file income tax returns – detailed instructions
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