Filing an IT Return Without Form 16
This article by Moneycontrol.com describes the procedure for filing an IT return when you don't have Form 16. A taxpayer may not have Form 16 due to reasons such as the employer closing operations, an employee quitting without completing the exit formalities, or when the employer is not traceable.
Being a salaried individual, the first step to file tax returns is to obtain Form 16 from your existing employer. In simple terms, Form 16 is a TDS Certificate that lists all your taxable income and various tax deductions at source (TDS). However, even if you do not get the Form 16 from your employer, you can still file your income tax return. To file your ITR without Form 16, you need to have certain relevant documents along with you and follow a few steps to file your tax returns.
Conditions Under Which an Employee May Not Get Form 16
First, let us tell you under which circumstances you may not have your Form 16 with you. Mostly, employees may not get a Form 16 if their total income is less than the exemption limit. Even in some cases where the total income is more than the exemption limit, the employee does not receive Form 16. "This may be due to various reasons such as the employer closed its operations, the employee left the company without completing the exit formalities, and the old employer is not traceable due to any reason," says Chetan Chandak, Head of Tax Research, H&R Block India.
Documents Required in the Absence of Form 16
You require some necessary documents to file your ITR if you do not have Form 16. Monthly pay slips for finding out your taxable income and other exempt components of your salary like Conveyance Allowance, Children's Education Allowance/Hostel Allowance, HRA, etc. Your tax credit statement, which is your Form 26-AS, will help you in finding the exact tax deducted by your employer. You are required to furnish the details of rent paid by you, which is basically required for claiming HRA exemption. Details of your tax-saving investment and expenses and any other income earned by you during the previous year and Form 16A, if any, relating to that income. You are also required to provide the details of any advance tax or self-assessment tax, if paid any. This will help you in claiming the credit of it in your tax return.
9 Simple Steps to E-file Your ITR Without Form 16
You have to follow the below-mentioned steps and complete the e-filing procedure.
- Collect Pay Slips
- Calculate your salary income
- Know how much tax is deducted
- Claim HRA or other exempt allowance
- Claim all the other deductions under Chapter VI-A
- Add income from other sources
- Compute net taxable income
- Pay additional tax if necessary
- E-file your ITR without Form 16
This article by Moneycontrol.com describes the procedure for filing an IT return when you don't have Form 16. A taxpayer may not have Form 16 due to reasons such as the employer closing operations, an employee quitting without completing the exit formalities, or when the employer is not traceable.
Being a salaried individual, the first step to file tax returns is to obtain Form 16 from your existing employer. In simple terms, Form 16 is a TDS Certificate that lists all your taxable income and various tax deductions at source (TDS). However, even if you do not get the Form 16 from your employer, you can still file your income tax return. To file your ITR without Form 16, you need to have certain relevant documents along with you and follow a few steps to file your tax returns.
Conditions Under Which an Employee May Not Get Form 16
First, let us tell you under which circumstances you may not have your Form 16 with you. Mostly, employees may not get a Form 16 if their total income is less than the exemption limit. Even in some cases where the total income is more than the exemption limit, the employee does not receive Form 16. "This may be due to various reasons such as the employer closed its operations, the employee left the company without completing the exit formalities, and the old employer is not traceable due to any reason," says Chetan Chandak, Head of Tax Research, H&R Block India.
Documents Required in the Absence of Form 16
You require some necessary documents to file your ITR if you do not have Form 16. Monthly pay slips for finding out your taxable income and other exempt components of your salary like Conveyance Allowance, Children's Education Allowance/Hostel Allowance, HRA, etc. Your tax credit statement, which is your Form 26-AS, will help you in finding the exact tax deducted by your employer. You are required to furnish the details of rent paid by you, which is basically required for claiming HRA exemption. Details of your tax-saving investment and expenses and any other income earned by you during the previous year and Form 16A, if any, relating to that income. You are also required to provide the details of any advance tax or self-assessment tax, if paid any. This will help you in claiming the credit of it in your tax return.
9 Simple Steps to E-file Your ITR Without Form 16
You have to follow the below-mentioned steps and complete the e-filing procedure.
- Collect Pay Slips
- Calculate your salary income
- Know how much tax is deducted
- Claim HRA or other exempt allowance
- Claim all the other deductions under Chapter VI-A
- Add income from other sources
- Compute net taxable income
- Pay additional tax if necessary
- E-file your ITR without Form 16