No Form 16? You can still file your income tax returns
After the financial year ended in March, taxpayers are preparing to submit their annual income tax return for 2016-17 to the Income Tax Department.
The last date to submit your ITR is July 31. And here is a simple step to guide to help you file your ITRs even if you dont have form 16.
What
is
Form
16?
Why
is
it
required?
Form
16
is
TDS
(tax
deducted
at
source)
certificate
that
lists
all
your
taxable
income.
This
Form
will
show
the
mployer
the
details
of
TDS
deposited
so
that
it
is
helpful
to
estimate
the
tax
liability.
If
you
don't
have
Form
16?
Due
to
some
circumstances,
if
employer
doesn't
get
Form
16
he
has
file
the
taxes
even
without
Form
16.
An
employer
have
to
collect
all
his
payslips
to
figure
out
the
taxable
income.
Documents
required
instead
of
Form
16
Form
26-AS
will
give
your
tax
credit
statement
which
will
help
you
in
finding
the
tax
received
by
the
Government
through
TDS
deducted
on
your
incomes
from
all
sources.
Claim
your
other
deductions:
Besides
your
salary,
you
might
have
income
from
other
sources
as
well.
These
are
non-taxable
items
which
lower
your
taxable
income
and
include
House
Rent
Allowance,
Leave
Travel
Allowance,
reimbursements,
Section
80C
deductions
on
investments,
etc.
Compute net taxable income:
Now calculate all the income and subtract the deductions so that you can get the exact figures of your taxable income. After this calculate your income tax as per the IT slab.
File your ITR:
Once the employer finds that the differential amount has been paid and everything matches according to the Form 26AS you can then e-file your tax returns without Form 16.
OneIndia News