How to E-File ITR Without Form 16

Filing tax returns is mandatory for every Indian citizen with income above the threshold limit. Returns can be filed online, which is also known as e-filing. It is more convenient as it saves you a lot of time and lets you file returns from the comfort of your home. However, you need to submit a few documents, such as Form 16, PAN (permanent account number) card, Aadhaar card, bank account statements, etc., for the successful filing of your returns. Out of all the above-mentioned documents, Form 16 is one of the most important documents you must submit when filing returns.Even though Form 16 is considered to be a mandatory document, it so happens at times that you are unable to submit it as your employers fail to issue it to you owing to unavoidable reasons. In this case, you are allowed to file ITR without Form 16.&nbs

Ascertain Income From House Property

• Form 16 is issued to salaried employees containing their salary and TDS (tax deducted at source) details.
• Is Form 16 mandatory for ITR? Form 16 is needed for quick tax filing. However, you can file your taxes even without it.
• How to file ITR without Form 16? To file ITR without Form 16, gather your documents and calculate your tax liability
• You can then e-file your returns and pay the calculated liability or demand a refund

Form 16 is a consolidated statement comprising important financial details like your TDS, salary components (HRA (house rent allowance, Basic and DA (dearness allowance)), and other details. It is divided into two parts: A and B.Part A contains TDS-related information and details of both the employer and employee, such as their address, PAN and TAN (tax deduction and collection account number), employment tenure of the employee, assessment year, and TDS details.The TDS details refer to the amount of TDS deducted by the employer at the time of salary and deposited with the government. You can also find your TDS payment acknowledgement number in this part of Form 16 .Part B contains income and liable tax-related details, which include annual gross salary, income from other sources, capital gain income, applicable tax deductions and the liable tax payable amount. Also Read: Income Tax Act 1961: Chapters, Scope and More

Form 16 is beneficial to taxpayers in the following manner:

• It reduces the risk of potential manual errors as all the important details related to your income and deductions are pre-filled
• It acts as a TDS proof indicating that your employer has deducted and deposited your liable TDS amount with the government. This safeguards you against any negligence or fraud by your employer
• Loan applications are easier with the help of Form 16, especially for salaried persons.
• It is easier to claim deductions with Form 16. Claiming deductions on account of various expenses helps you lower your tax liabilities.

Also Read : Income Tax Return - ITR Filing, Types, Process and Forms

Form 16 contains all the important information related to your finances, which comes in very handy while filing returns. However, if you don’t have a Form 16, you can still file e-returns using these methods:

Calculate Annual Income from Salary

To file ITR without Form 16, you need to calculate your total taxable income for the year. You can do so with the help of the salary slips provided to you by all your employers (previous or current). These salary slips include details about your total salary, various allowances, perquisites and other relevant information and give you a clear picture of your total income for the year. You can use the final calculated amount as the basis for filing your e-returns .

Form 26AS

To file an income tax return without Form 16, you have to cross-verify your TDS details with the TDS details available on your FORM 26AS . This form contains all the details about your tax deducted at source, any advance tax payments made by you, tax refunds received by you and various other tax-related information. You can check for discrepancies and use the final information to file ITR without Form 16.For any given financial year, you must ascertain your annual income earned from your house property, if any, and file an ITR without Form 16. In the case of home loans and interests, you are eligible to get deductions on the same under this head.

Ascertain Capital Gain Income and Income From Other Sources

Under this head, you need to calculate and ascertain all the income earned from other sources, such as interest on bank deposits and interest on tax returns. Not only this, but you also need to consider any income arising out of the sale of equity or mutual funds that have been held with you for more than a year and have given returns worth ₹1 lakh and above and pay capital gain tax on the same. Calculating capital gain income and income from other sources helps you to file ITR without Form 16.

Claim the Deductions

You can claim deductions under various sections, such as Section 80 C , 80 D and 80G. However, these deductions have a pre-specified limit and no claims beyond the set limit are entertained.

Calculate the Tax

This is the final step to file ITR without Form 16. Once you have ascertained your total income and the valid deductions for the given year, you can file an income tax return without Form 16. All you need to do is minus the deductions from the total income and determine the final taxable amount. This will help you estimate the liable tax amount. You can now pay the liable tax amount and file your income tax returns Also Read: Income Tax Customer Care Number

Try to get Form 16 for easier and error-free tax filing . However, if you are self-employed or if the employer doesn't issue the form, don't delay tax filing. File your returns without the form and complete your duty.