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Being a salaried individual the first and most important document procured to file ITR is Form 16 undoubtedly!! But, what in case you have either not received or misplaced the same?? Can there be an alternate recourse to validly file your income tax return?? Well, Yes. In case, Form 16 is not available timely, you can follow these 7 steps to file ITR without Form 16.
Form 16 has all the details pertaining to your taxable income. The same can be extracted through a pay slip received from your employer. So, just in case your form 16 is not available, the breakup of salary and particulars of taxable income can be taken from your periodic pay slip.
Form 26AS can let you know TDS deducted on all your incomes during the particular year, including your salary income. Studying your 26AS in detail will help you in twin ways,
You might have made some expenditures and investments which can reduce your total taxable income. Such outflows include money paid for rent, donations or towards eligible deductions under section 80C – LIC, PPF etc. Calculate all such deductions and avail the benefit of same in lowering your taxes, while filing ITR.
Try to recall all the sources from which you received income this year. It might be rental income or income from shares or mutual funds or a income from sale of some asset or any such income which you have not received from employer. Sum up all such incomes and its quantum for a proper disclosure at the of furnishing your return of income. Also it might affect your selection of ITR form.
After ascertaining the sources of income, deductions to be claimed, TDS already deducted the final computation of income will result in two things
Selection of ITR form is one of the most crucial choices. It mainly depends upon your sources of income and the amount earned. Disclosing correct particulars in wrong Form can result in Invalidating the Return Filed.
The last step involves preparing and submitting your return with the Income Tax Department.Further, don't forget to e-verify it within 120 days of filing.
Form 16 enlists all your salary breakup and contributions made towards PPF etc. Also, the amount deducted as TDS by the employer and the final tax liability can easily be ascertained. Normally, form 16 is issued to all employees timely, still non availability of it in unavoidable situations can be resorted through the above steps.
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