The process of filing Income Tax Return (ITR) has commenced, with the last date being 31st July 2023. If you haven’t filed your ITR yet, it is essential to do so at the earliest. When filing an income tax return, certain important documents are required. Form 16 holds great significance for salaried individuals during ITR filing. Usually, Form 16 is issued by the employer to employees. However, it is observed that employees whose taxable income does not exceed the basic exemption limit may not receive Form 16 from their employers or encounter other situations where it is not issued.
Filing ITR without Form 16
Even if you don’t possess Form 16, there’s no need to worry as you can still file your income tax return without it. Experts suggest that filing ITR is possible even in the absence of Form 16. Form 16 provides details of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) between the deductor and the tax deductee. It also presents information about salary, allowances, and deductions. According to regulations, companies or employers must issue Form 16 on or before 15th June every year.
Understanding the two parts of Form 16
Form 16 comprises two parts. Part A contains details about monthly tax deductions from the employee’s salary by the company or employer. Part B includes salary details, other income, and corresponding tax deductions. Now, let’s explore how to file ITR without Form 16.
Filing ITR without Form 16
In the absence of Form 16, you can file your ITR using your salary slip and Form 26AS. Form 26AS can be downloaded from the TRACES website or via authorized bank net banking. The salary slip provides details about tax deductions alongside your salary. Additionally, ensure that you accurately calculate extra income, HRA deductions, deductions under sections 80C and 80D, and other relevant information. You can file your income tax return without Form 16 if the gross income, total deductions, and total TDS match the details shown in Form 26AS.
The process of filing Income Tax Return (ITR) has commenced, with the last date being 31st July 2023. If you haven’t filed your ITR yet, it is essential to do so at the earliest. When filing an income tax return, certain important documents are required. Form 16 holds great significance for salaried individuals during ITR filing. Usually, Form 16 is issued by the employer to employees. However, it is observed that employees whose taxable income does not exceed the basic exemption limit may not receive Form 16 from their employers or encounter other situations where it is not issued.
Filing ITR without Form 16
Even if you don’t possess Form 16, there’s no need to worry as you can still file your income tax return without it. Experts suggest that filing ITR is possible even in the absence of Form 16. Form 16 provides details of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) between the deductor and the tax deductee. It also presents information about salary, allowances, and deductions. According to regulations, companies or employers must issue Form 16 on or before 15th June every year.
Understanding the two parts of Form 16
Form 16 comprises two parts. Part A contains details about monthly tax deductions from the employee’s salary by the company or employer. Part B includes salary details, other income, and corresponding tax deductions. Now, let’s explore how to file ITR without Form 16.
Filing ITR without Form 16
In the absence of Form 16, you can file your ITR using your salary slip and Form 26AS. Form 26AS can be downloaded from the TRACES website or via authorized bank net banking. The salary slip provides details about tax deductions alongside your salary. Additionally, ensure that you accurately calculate extra income, HRA deductions, deductions under sections 80C and 80D, and other relevant information. You can file your income tax return without Form 16 if the gross income, total deductions, and total TDS match the details shown in Form 26AS.
