I Don’t have Form 16; How can I File ITR?

It is the responsibility of every taxpayer to fill the Income Tax Returns (ITR). Filing of the ITR requires Form 16 if you are a salaried Taxpayer. However, it may be possible that you have not received Form 16 from your employer. Don’t worry you can still fill your ITR easily even if you do not have Form 16. Let us know how to do it correctly.

Important Points for ITR Filing

Keep these points in mind before filing ITR-

1. Collect All Necessary Documents: Gather documents such as bank statements. Interest certificates. Investment proofs. Salary slips. Other income-related documents.

2. Check Form 26AS: Check details of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) deducted by various companies and showed in this form. Confirm the details entered in the ITR Form with AIS, Form 26AS and TIS to prevent errors or mistakes.

Filing ITR Without Form 16

Filing your ITR without Form 16 may seem like tough work but it is easy if you do it with preparation.

Calculate Your Total Income

Firstly, calculate your total income for a year:

1. Salary Income: Take the help of your salary slips to determine your total income.

2. Interest Income: Also add the interest earned from savings accounts, fixed deposits or any other investments.

3. Rental Income: Income from any rental properties should be included too.

4. Other Income: Incomes from other sources like freelance work should be included.

Assess Your Tax Liability

Once you have your total income. Determine your tax liability. Use current income tax slabs to find out how much tax you owe. Remember to factor in deductions under sections like 80C, 80D and 80G. These can help reduce your taxable income.

Select and Fill in the Right ITR Form

ITR-1: It is for those individuals who have income from salary and the total income is below Rs.50 lakhs in a year.

ITR-2: It is for those individuals with income from salary, multiple house properties and capital gains.

ITR-3: It is for individuals who have income from profits and gains from business or profession.

Submit Your ITR Form

Next, you have to submit your ITR form after filling in all the necessary details. It can be done online through the Income Tax Department’s e-filing portal. Make sure you review all the details before submitting to avoid any mistakes.

Verify Your ITR

The next step you have to do is verification of your ITR form. You can use methods such as Aadhar OTP, Net banking Or sending a signed physical copy of ITR-V to the Centralized Processing Centre (CPC) in Bangalore.

Post-Filing Actions

After you fill and verify your ITR, you will need a few post-filling steps to be sure that everything is in order. Keep a regular check on the status of your ITR on the e-filing portal to see its progress. Respond quickly if the tax department sends you any notice or query to avoid penalties. Maintain copies of your filed ITR, Form 26AS, and other important documents for future needs.