No Form 16? Fret Not; File Your IT Returns in 10 Simple Steps

May 08, 2018 | 6 months ago | Read Time: 2 minutes | By iKnowledge Team

File your income tax returns in 10 simple steps even without Form 16

It’s time to file your taxes. But you’ve noticed you haven’t received the Form 16 from your employer, and it’s too late to get one now. Although every employer is obligated to provide employees with Form 16, in some cases it may slip the notice of the company. However, you can still file your returns. Here’s how you can file your returns in 10 easy steps:

  1. Compile all your pay slips

Download or scan all your pay slips for the financial year. You can do this even if you’ve changed jobs or worked for two or more companies in the same financial year. You would need to include all pay slips from every employer you have worked for in the given year.

  1. Calculate your gross total salary

Calculate your total salaried income. For the taxable salary, include only your contribution towards PF, and not the employer’s.

  1. Check deductible taxes

Calculate the TDS deducted by your employer over the year and refer to Form 26AS to check on the deducted amount. This amount must match the one mentioned by your employer in the pay slips. If there is any discrepancy, contact your employer right away and request them to correct the error.

  1. Transport and medical allowances

You are eligible for a tax exemption of up to Rs. 34,200 (transport allowance up to Rs. 19,200 and medical allowance up to Rs. 15,000 annually) while calculating your income tax.

  1. Claim HRA and other allowances

Renting a house? Reduce your tax liability by claiming HRA exemption. Also calculate exempt allowances like travel allowance, children’s educational expenses, hostel allowance etc. from your salary. Submit your rent receipts to your payroll department in advance to claim the HRA deduction. If you haven’t submitted it, claim it while filing returns.

  1. Claim tax deductions under Section 80C, 80D and Section 80E

If you have invested in some financial instruments, you are eligible for tax deductions. Compile all your investment documents and calculate the amounts eligible for deductions under Section 80 C (PPF, EPF, life insurance etc.), Section 80D (medical insurance premium) and 80E (interest on education loan). You can claim deductions up to Rs. 2 lakh under Section 80 C of the Income Tax Act.

  1. Income from other sources

Income earned on rental income, part-time business, as well as interest earned on FDs falls under total taxable income. Don’t forget to include this under your taxable income.

  1. Compute net taxable income

Look at the income tax slab rates for the financial year and calculate your exact income tax.

  1. Pay any additional tax

If the paid tax amount is less than that mentioned in Form 26AS, pay the excess amount online.

  1. E-file your ITR without Form 16

Once you pay off all your tax dues, and all the details match Form 26 AS, you can e-file your tax returns without the Form 16 that your employer provides you with.

Conclusion

On the rare occasion that your employer has not provided you with Form 16, you are eligible to e-file your returns. What you need to do is start collecting alternate documents that can help you calculate your tax liability and file returns on time.

Advt. No. : IA/May 2018/3909


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