Step-by-Step Guide: Filing Income Tax Returns without Form 16
Latest Fiance and And Tax News: If you find yourself without a Form 16, the document provided by employers detailing tax deductions and salary breakdown, there's no need to panic. You can successfully file your income tax return even in the absence of Form 16.
According to tax experts, it is indeed feasible to file your income tax return without relying on Form 16. As suggested by Amit Gupta, the managing director of SAG Infotech, individuals can utilize alternative documents such as payslips, Form 26AS, and investment records to support their deductions when filing their returns.
To successfully submit your income tax return in the absence of Form 16, adhere to the following guidelines
1. Collect all your salary or payslips provided by your employer for the relevant financial year. These should include details of your salary, allowances, deductions, and other components.
2. Calculate your taxable income by considering various components of your salary, such as basic salary, allowances, perquisites, bonuses, etc.
3. Subtract deductions like house rent allowance, standard deduction, and professional tax from your total income to arrive at the taxable income.
4. Review your bank statements to identify any additional sources of income apart from your salary, such as interest income, dividends, or other forms of income. Include them while calculating your taxable income.
5. Authenticate Form 26AS, accessible via the official website of the Income Tax department, which presents a comprehensive summary of all tax deductions made and deposited in relation to your Permanent Account Number (PAN).
It is crucial to ensure that the tax deducted at source (TDS) information mentioned in the form aligns with the calculated taxable income. If any discrepancies are identified, it is essential to reach out to the deductor, such as the employer or bank, to address the issue. After filing the return, it is important to e-verify it for authentication.