Income Tax: While filing your income tax return, it is important to ensure that the Form 16 used by you is in a valid and acceptable format. Once you have received the TDS certificate, it is important to verify its validity.
Income Tax Return: The deadline for filing Income Tax Return (ITR) for the financial year 2022-23 is 31 July. If you want to avoid a fine of Rs 5000, then file your ITR on time, otherwise you may have to bear the loss. At the same time, people also need Form 16 to file income tax return. Form 16 acts as a TDS certificate issued by the employer, indicating the deduction of TDS while making payments to the employees.
Income tax return
While filing your Income Tax Return, it is important to ensure that the Form 16 used by you is in a valid and acceptable format. Once you have received the TDS certificate, it is important to verify its validity. At the same time, it also happens that you need to file your income tax return without Form 16. In such a situation, if you have to file income tax return without Form 16, then keep these things in mind and after that file income tax return.
Calculate income from salary
Take the salary slip received from your employer during the financial year. This should include Gross Salary, Perquisites Value, Professional Tax, allowances exempted under section 10 and entertainment allowance. Also consider the details of TDS and PF deduction in the salary slip.
Calculate TDS deducted on Form 26AS
Calculate the TDS deducted by your employer during the previous year and compare it with the amount mentioned in your Form 26AS. Form 26AS gives information about TDS deducted from all income sources including salary income.
Calculate income from house property
If you receive House Rent Allowance (HRA), submit your rent receipts to your payroll department to claim HRA deduction. Additionally, if you have a home loan and pay interest on it, you can claim deduction for the same.
Calculate income from other sources
Calculate income earned from other sources, such as interest on bank deposits or income tax refunds. Include any income from sources other than your salary, such as interest on fixed deposits or rental income from properties owned by you.
Claim deduction
Claim deduction under relevant sections like 80C, 80D, and 80G, subject to specified limits. These deductions cover areas such as provident fund contributions, medical insurance premiums and charitable donations.
