Form-16 (Form-16) is a certificate, in which it is told by the employer that how much TDS has been deducted and deposited with the concerned authority.
How to e-File Income tax return without Form-16: The season for filing Income tax return is going on. In this season, the most waiting for the job profession is for their Form-16. But, do you know that ITR can be filed even without Form-16. That too online way. Usually freelancers, self-employed file income tax return without Form-16 or in case Form-16 is not received from the employer. Form-16 (Form-16) is a certificate, in which it is told by the employer that how much TDS has been deducted and deposited with the concerned authority.
How to file Income Tax Return even without Form-16?
Collect the required documents
Collect documents like bank statement, pay slip, rent receipt, home loan statement to know your income and deductions.
Form 26AS
Do check your Form 26AS, from this you will know how much tax (TDS) has been deducted. Form 26AS is a consolidated tax statement, which can be obtained from the e-filing website of the Income Tax Department. It contains complete details of tax deducted by the employer.
Calculate total income
Apart from your salary, add income from house property, capital gains or any other source. If you are salaried, you can also calculate salary income by looking at your pay slip.
Deduction
Claim deductions under section 80C, 80D, 80E of the Income Tax Act. Carry investment proof like ELSS investment, insurance premium, PPF investment, tuition fees etc.
Calculate Total Tax Payable
Calculate tax on the total income earned in the financial year according to your tax slab. Deduct the TDS shown in Form 26AS from this and then calculate the remaining tax or refund.
Create account on e-filing portal
If you have not registered yet, then you will need to create an account on the e-filing portal of the Income Tax Department.
Choose the right ITR form
Choose the right Income Tax Return (ITR) form to file your taxes. For example, if you have salary and other income such as interest etc., then you can use ITR-1. If you are a freelancer or self employed, then you have to file ITR-3 or ITR-4.
Fill in details
Login to the e-filing portal and go to e-File > Income Tax Return. Select the assessment year and ITR form number. Fill in the required information including income, deductions, and bank details.
e-verify return
After submitting the ITR form, it has to be e-verified. This can be verified by sending Aadhaar OTP, Bank EVC or by signing ITR-V and sending it to CPC Bangalore through post.
Keep track
Once you have filed and e-verified your return, continuously track the tax return status from the e-filing portal.
Note: Remember, if you are filing tax return without Form-16, then it is necessary to fill all your income and claim deductions accurately. It is advised to preserve all the documents used in the tax return. If you are not confident about filing the return yourself, then you must take the advice of a tax consultant.
