ITR Filing: A new financial year has begun. Along with this, the tension of filing income tax returns will also increase. Employed persons should know how to get Form-16 from their office. But do you know what is Form-16? Can income tax return be filed even without it? Let’s find out about it. Form-16 is issued to employees…
A new financial year has begun. Along with this, the tension of filing income tax returns will also increase. Employed persons should know how to get Form-16 from their office. But do you know what is Form-16? Can income tax return be filed even without it? Let’s find out about it. Form-16 is issued to employees. To facilitate the payment of taxes by salaried persons, an employer issues Form-16 to his employees under Section 203 of the Income Tax Act.
TDS Certificate Form-16
Looking at Form-16 in its original form, it is the certificate of TDS deducted on your salary. It contains information about how much tax advance you have deposited on your salary. If you also submit your savings, house rent, loan details, insurance details, your employer will calculate the same and provide details of your total tax liability.
Can ITR be filled without Form-16?
You can file your Income Tax Return (ITR) even without Form-16. As per Income Tax Act, it is not a mandatory document. If you don’t have Form-16 you can still fill your ITR. If your employer does not issue Form-16, you can calculate your tax by obtaining Form-26AS, AIS or TIS certificate from Income Tax Department site.
How to fill ITR without Form-16?
If you want to file your ITR without Form-16 you need some documents:-
- You need your salary slips, bank statement, TDS certificate from bank, house rent, LTA proof, investment proof, Form-26AS or AIS or TIS.
- Just as Form-16 contains the details of your taxable income, similarly you need to calculate your taxable income. You can calculate it manually or with the help of several online tools.
- You will get your TDS details by downloading Form-26AS or AIS from Income Tax site. If it makes the cut you can count it.
- You can calculate your 80C, 80D, other investments. They can be deducted from total income to arrive at your taxable income. If you have income from any other source you can also count it.
- After calculating your taxable income, you can file your income tax return like a normal ITR.
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