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7 Steps To File ITR Without Form 16

Updated on: 21 May, 2024 04:01 PM

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.

Collect your Pay Slip

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.

Make use of 26AS

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,

  1. It will reflect your TDS deducted on salary income and
  2. If, you have earned any other sources income during the year, on which TDS have been deducted. You can know about it and disclose while filing ITR

Calculate your Deductions

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.

Compute your Income From Other Sources

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.

Know your taxes payable

After ascertaining the sources of income, deductions to be claimed, TDS already deducted the final computation of income will result in two things

  1. Either excess taxes have been paid, for which you can avail refund by filing ITR or,
  2. Some tax amount is still payable, which you must pay before filing ITR.

Choose appropriate ITR Form

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.

File and Submit ITR

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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CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.