How to file ITR without Form 16: Form 16 is the most important document for salaried employees in India. It is provided by the employer to employees with details of tax deducted at source (TDS) and break up of salary component. As per income tax rules, every employer must issue Form 16 to employees with income subject to TDS. However, there can be instances of Form 16 not being issued However, in case an individual is not provided with Form 16, he/ she can still file an income tax return (ITR).
Filing ITR without Form 16 is possible
Filing Income Tax Returns (ITR) for the Assessment Year 2023-24 without Form 16 is possible, as confirmed by tax experts.
While Form 16 is commonly used by salaried employees to simplify the process, there are alternative methods available. Amit Gupta – Managing Director – SAG Infotech said in the absence of Form 16, individuals can file their ITR by utilising other documents such as payslips and Form 26AS, along with investment records for claiming deductions,” said Amit Gupta, SAG.
How to file ITR without Form-16
To file ITR without Form 16, several steps need to be followed
1)Firstly, one should gather all the salary slips or payslips from the relevant financial year. These slips should contain comprehensive details of the salary, allowances, deductions, and other income components.
2)Secondly, using the information from the salary slips, the taxable income should be calculated by considering all components of the salary, including basic salary, allowances, perquisites, bonuses, etc. Relevant deductions such as house rent allowance (HRA), standard deduction, and professional tax should be subtracted to arrive at the taxable income.
3) Individuals should review their bank statements to identify any additional sources of income beyond their salary, such as interest income, dividends, or any other form of income. These amounts should be included in the taxable income calculation.
4)Finally, it is crucial to verify Form 26AS, which can be accessed through the Income Tax Department website. Form 26AS provides a consolidated statement of all taxes deducted and deposited against the individual’s PAN. It is essential to ensure that the TDS details mentioned in Form 26AS match the calculated income details. If any discrepancies are found, the deductor, whether the employer or the bank, should be contacted to rectify the inconsistencies.
By following these steps and providing the necessary supporting documents, individuals can successfully file their ITR without relying on Form 16, said Amit Gupta.
Once the return is filed, remember to e- verify it. ITR filed without e-verification is incomplete and will not be considered for processing by the income tax department.
The ITR filing due date for FY 2022-23 (AY 2023-24) is 31 July 2023.
Updated: 22 Jun 2023, 01:31 PM IST