File Income Tax Return Without Form 16

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How to File an Income Tax Return Online Without Form 16

What is the meaning of Form 16? 

Form 16 is a vital document that all businesses are required to provide to their employees. It’s essentially a TDS certification that shows the taxed income and deductions of the employee. It is a required document for employees to use when filing their taxes.  In this article, we will talk about how to file income tax return without form 16

Whenever an employer deducts TDS from payments, under Income Tax Act requires employers to provide a TDS certificate once per year, on or around the 15th June of the financial year directly after the year when the taxes are deducted. Employers may refuse to provide employees with a Form 16 in certain circumstances.  

Individuals whose total income doesn’t really surpass the exemption ceiling are usually encountered not receiving a Form 16 from the employers.  Regardless of whether individuals get a Form 16 or not, all paid employees should report yearly IT returns if their gross pay reaches the basic exemption level of Rs 5 lakhs.

FORM 16 is amongst the most important papers for any salaried individual, as it deals with taxable income & TDS elements. Because every business is required to provide such a Form 16 to its employees, it is possible that perhaps the employee did not receive the IT document in some unusual cases. Even when the employee has not obtained FORM 16, he or she might still file their tax records electronically.

It’s possible that you didn’t receive Form 16 since your employer is shutting down, or just because you moved jobs within a year before performing required exit procedures.

File Income Tax Return Online Without Form 16

Examine the information on your pay slip

Examine your tax documents for the whole fiscal year for which you are submitting your ITR. Your pay slip would include information about your take-home pay, net pay, and PF, medi-claim, and TDS adjustments.

Refer to Form 26AS for more information

For specifics on tax deductions, see Form 26AS and compare it to your pay slip.

Other deductions and allowances

Most paid employees receive perks such as HRA, LTA, educational allowance, amusement allowance and transportation allowances. Calculate the tax after taking in the exemption component while filing out the ITR.

Means of revenue

Include income from various origins, such as home rent, income on a home mortgage, funds collected from other businesses, tax-deductible mutual funds, and investment income, if any, when submitting the ITR.

Net Taxable Earnings

Compute your net Income by adding all of the tax elements which you are responsible for. When you’ve finished calculating all of the tax liabilities, wait for it to appear on Forms 26AS, and if the obligation equals the amount of tax you pay, you may e-file the ITR.

Are there any discrepancies, if you received you Form 16 late?

You could always update your return incase if you get your Form 16 later by your company and notice any differences between both the return submitted and Form 16, but you should do that before 31 March 2019 for the report submitted for FY 2017-18.

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