File ITR without form 16 – Being a salaried person, the first and most critical document to submit an ITR is surely Form 16! But what if you haven’t got or lost the very same thing? Would there be an alternative way of legitimately filing your ITR? Well, yes. If Form 16 is not present in proper time, you can take these 7 steps to file ITR without Form 16.
Collect your Pay Slip
Form 16 does have all the specifics of the taxable income. The same must be derived by a payslip obtained from your employer. So, just in the event that the Form 16 is not accessible, your annual payslip will be used to break down your salary and taxable income details.
Make use of 26AS
Form 26AS could let you notice that TDS has been subtracted from all your income during the year, including your salary income. Analyzing your 26AS in depth will benefit you in two ways.
- This will show your TDS deducted from your salary income.
- If you have received revenue from all other streams throughout the year on which TDS has been deducted. You should hear about this and make it public before filing an ITR.
Calculate your Deductions
You could have rendered some expenses and savings that may decrease the net taxable income. These outflows involve money spent on leases, contributions or for qualifying deductions u/s 80C – LIC, PPF, etc. Determine all those deductions and make use of the same profit by reducing your taxes when filing an ITR.
Compute your Income From Other Sources
Try to remember all the streams from which you got your revenue this year. That may be rental income or income from shares or mutual securities or income from the selling of any asset or income that you’ve not obtained from the employer. Summarize any such revenue and its quantity for the correct filing of the income tax. It can also influence the choice of the ITR form.
Know your taxes payable
Once the origins of income have been defined, the deductions to be asserted, the TDS already deducted the actual calculation of the income would result in two items.
- Either extra taxes have been charged and can be refunded by filing an ITR.
- A certain amount of tax is also owed, that you must pay before filing an ITR.
Choose appropriate ITR Form
Selection of the ITR type is among the most critical decisions. It relies heavily on your streams of revenue and the amount you receive. Disclosing the accurate details in the wrong form could lead to the Return Filed being invalidated.
File and Submit ITR
The very last move is to plan and file your return to the Income Tax Department. Even, don’t overlook to e-verify this within 120 days of filing.
Form 16 lists all the salary breakups and money given to the PPF, etc. In addition, the percentage withheld by the employer as a TDS as well as the final tax obligation will easily be determined. Typically, form 16 is provided to all workers in a periodic manner, however, it might also not be accessible in unexpected circumstances via the aforementioned measures.