How To File Income Tax Return Without Form 16
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File ITR Without Form 16
The month of July has started. The last date for this month, i.e. 31 July, all salaried class people will have to pay their income tax return. All salaried class people are required to get Form 16 for filing returns.
In such a situation, even if you have not given Form 16 yet from your company, there is no need to worry. You can file your return without form 16. For this, you must have copies of other documents including salary slip, Form 26 AS, TDS certificate.
Employees Must Provide Form 16
According to the Income Tax Act, companies have to give their employees the form 16 in every situation. For this, the Income Tax Department gives a deadline for issuing it every year, so that employees get their form on time.
But in spite of this, the HR department of many companies cannot afford Form 16 from time to time. Such companies have to pay 100 rupees per day according to the rules. It may also happen because that company is experiencing any kind of difficulties, due to which it has not been able to give Form 16 at that time.
In such a situation, to file returns, you have to calculate tax by gathering the above mentioned documents and file your return.
Use of Salary Slip to know taxable income
With the help of Salary Slip in the absence of Form 16, you can easily find your taxable income. In addition to the HRA present in the salary slip, you can find out the taxable income by deducting other investments found in Part B other than the LTA.
If you are filling ITR 2, 2A or ITR 4, then carefully check the CTC breakup written in the appointment letter received from the company. In addition to this, include TDS Certificate, Rental Income, Capital Gain, Cash Gift and Dividend Income, which are in excess of Rs. 50,000, from the bank.
Cross Check the TDS with Form 26 AS
According to the Income Tax Expert, such people should cross-check their TDS before filing returns. For this, there is information about TDS that came from all sources in Form 26 AS.
If you had a slight difference in the TDS submitted in Form 26 AS and ITR form, the IT department can send you a notice. In addition, include investment proof such as insurance premium, PPF, NPS, children’s tuition fees and EPF deposited in section 80C. This will save your ITR form without Form 16.