How to file income tax return without Form 16
With the due date of 31 July 2018 for filing returns for Financial Year 2017-18 fast approaching, many taxpayers are in a state of quandary over the various aspects around return filing. However, taxpayers would be relieved to know that in order to file an income tax return you don't need a Form 16 anymore.
Here's a what you need to do when you don't have a Form 16:
- Put together the net salary from all the payslips you have received from your employer in the financial year. You need to provide a complete breakup of your salary in your ITR. The fields required to be filled are - Salary/Pension, Allowances not exempt, Value of perquisites, Profit in lieu of Salary, and deductions claimed under sec.
- Calculate the TDS deducted by your employer over the year and match the amount mentioned on your Form 26AS. If you see a discrepancy in the TDS amount actually deducted and the amount that is supposed to be deducted, contact your employer immediately and ask them to rectify the error.
- Once the amount of TDS has been settled, calculate the amount of Allowances and Deductions in order to calculate the amount of taxable income under the Salary head. If you have additional sources of income, you will have to include those as well in your ITR Returns.
- Finally, calculate the total tax payable. If you are falling short on payment of tax then you can pay the deficit online through the Department's Income Tax website by using the relevant challan. Once the tax payable by you has been paid off completely, then you can file your ITR online.