ITR submitting: How salaried people can file their returns with out Form 16

How to file ITR with out Form 16: Form 16 is an important doc for salaried staff in India. It is supplied by the employer to staff with particulars of tax deducted at supply (TDS) and break up of wage part. As per revenue tax guidelines, each employer should concern Form 16 to staff with revenue topic to TDS. However, there could be cases of Form 16 not being issued However, in case a person just isn’t supplied with Form 16, he/ she will nonetheless file an revenue tax return (ITR).

Filing ITR with out Form 16 is feasible

Filing Income Tax Returns (ITR) for the Assessment Year 2023-24 with out Form 16 is feasible, as confirmed by tax specialists. 

While Form 16 is usually utilized by salaried staff to simplify the method, there are different strategies out there. Amit Gupta – Managing Director – SAG Infotech mentioned within the absence of Form 16, people can file their ITR by utilising different paperwork equivalent to payslips and Form 26AS, together with funding data for claiming deductions,” mentioned Amit Gupta, SAG.

How to file ITR with out Form-16To file ITR with out Form 16, a number of steps must be adopted

1)Firstly, one ought to collect all of the wage slips or payslips from the related monetary yr. These slips ought to comprise complete particulars of the wage, allowances, deductions, and different revenue elements. 

2)Secondly, utilizing the knowledge from the wage slips, the taxable revenue must be calculated by contemplating all elements of the wage, together with fundamental wage, allowances, perquisites, bonuses, and many others. Relevant deductions equivalent to home hire allowance (HRA), normal deduction, {and professional} tax must be subtracted to reach on the taxable revenue.

3) Individuals ought to overview their financial institution statements to establish any further sources of revenue past their wage, equivalent to curiosity revenue, dividends, or some other type of revenue. These quantities must be included within the taxable revenue calculation. 

4)Finally, it’s essential to confirm Form 26AS, which could be accessed by way of the Income Tax Department web site. Form 26AS offers a consolidated assertion of all taxes deducted and deposited in opposition to the person’s PAN. It is important to make sure that the TDS particulars talked about in Form 26AS match the calculated revenue particulars. If any discrepancies are discovered, the deductor, whether or not the employer or the financial institution, must be contacted to rectify the inconsistencies.

By following these steps and offering the required supporting paperwork, people can efficiently file their ITR with out counting on Form 16, mentioned Amit Gupta.

Once the return is filed, bear in mind to e- confirm it. ITR filed with out e-verification is incomplete and won’t be thought-about for processing by the revenue tax division.

The ITR submitting due date for FY 2022-23 (AY 2023-24) is 31 July 2023.

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Updated: 22 Jun 2023, 01:31 PM IST