Income Tax Return: ITR filing can be done even without Form 16?

Income Tax Return (ITR Filing): The season for filing Income Tax Return (ITR) has begun, whose deadline has been set for July 31, 2023. While filing your Income Tax Return, various documents are required, and Form 16 holds vital importance.

Form 16 is an important document for salaried individuals as it is required for filing ITR. As per the rules of the Income Tax Department, it is mandatory for every employer to issue Form 16 to the employees having TDS income. However, if you have not received Form 16 and you belong to the salaried class, then there is no need to worry. It is still possible to file your income tax return without Form 16.

Income Tax Return (ITR Filing)

Income Tax Return (ITR Filing)

Experts suggest that salaried individuals can file their ITR even in the absence of Form 16. In such cases, along with following certain steps, other documents like payment slip and Form 26AS are also required. For filing ITR without Form 16, you must collect all the salary slips related to the relevant financial year. These slips should contain details of your salary, allowances, deductions and other relevant information. Additionally, you need to calculate your income by considering pay slips, allowances and bonus.

Bank statement review is also required: Income Tax Return ( ITR Filing )

It is also necessary to review the bank statement while filing income tax return without Form 16. Taxpayers should calculate income from sources other than salary, such as interest, dividends and other sources, and include these amounts in their taxable income. It is also necessary to verify Form 26AS, which provides details of all taxes deducted using your PAN card.

Make sure that the TDS details mentioned in Form 26AS match with the computed income details. If any discrepancies are found, contact your office or bank. Lastly, remember to verify your ITR filing after you have completed it, failing which your filing will be incomplete.

Here is the step-by-step process to file ITR without Form 16:

  • Determine TDS deducted for the financial year for which you are filing ITR. You can refer to Form 26AS for assistance.
  • Calculate your gross pay and collect pay slips as supporting documentation. Note that the net taxable income should only include your contribution to PF.
  • If TDS has been deducted on house rent allowance, provide the rent receipt to your company to claim tax exemption on HRA. If you have not provided it earlier, you can claim it during ITR filing.
  • Deduct Transport Allowance, House Rent Allowance and Medical Allowance from your salary. Additionally, consider claiming tax exemption on investments up to Rs 1.5 lakh under Section 80C.
  • After completing these steps, you will have an idea of your taxable income. Calculate the tax payable, and if you have already paid additional tax, you will get the refund after filing ITR.

Why is Form 16: Income Tax Return (ITR Filing) necessary?

Form 16 is important because it is an important document for filing ITR. It is issued by your employer and contains details like salary, deductions, tax deductions and allowances. This information is beneficial while filing income tax returns.

It is worth noting that the information provided here is a general guide, and it is advisable to consult a tax professional or visit the official Income Tax Department website for specific and updated guidance on ITR filing.

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