ITR can be filed even without Form 16, this is the way
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ITR Filling: For the salaried, Form 16 is a basic document, which is used for filing their Income Tax Return (ITR). It seems almost impossible for most of the salaried individuals to file ITR without Form 16. However, there may be times when you may not even get Form 16 for the whole year. This may be because your employer is shutting down his business or you may have changed jobs during the year without completing the proper exit formalities.
But if you do not have Form 16 then there is no need to worry. You can also file ITR without it. There are several documents that you can use as a reference for filing your returns. Today we are going to tell you how salaried people who do not have Form 16 can file their ITR.
Step 1: Calculate salary income
- You will read Requirement of Salary Slip to file ITR without Form 16.
- So, remember to get your monthly pay-slips from all the employers with whom you have worked during the year. You have to give complete details of your salary income. From this the gross income will be known.
- To know your taxable income, you have to deduct all types of investments and deductions from your gross income.
- Keep in mind that your net taxable income consists of only the contribution made by you to the provident fund and not the PF given by the employer.
Step 2: Calculation of TDS
- Form 26AS will come in handy for calculation of TDS on salary. It contains information about TDS on salary.
- Make sure that the amount of tax in your salary slip and the same as appearing in Form 26AS is the same.
- If the figures are different, then you can take help from the old company to know why different tax is showing in salary and in Form-26AS.
Step 3: Claim tax exemption and deduction
- Reduce all the allowances like Transport Allowance, House Rent Allowance, Medical Allowance which you get along with salary from the salary.
- Apart from this, you also get a standard deduction of Rs 50,000.
- Claim tax exemption under section 80C on investments up to Rs 1.5 lakh.
- Claim tax exemption on health insurance under section 80D.
- Apart from this, claim all the other investments made or spent, on which tax exemption can be given.
Step 4: Tax calculation and submission
- After all the above mentioned calculations, taxable income will come in front of you.
- Calculate tax on it and pay it, if required.
- Excess tax already paid will come back after filing ITR.
- The calculation of the amount of tax to be paid will automatically be reflected in the ITR form.
- After filling ITR, do e-verification.
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