Even if you have not received Form 16 from the company yet, you can easily file income tax return. For this you will have to collect some important documents.
If you are a salaried employee and haven’t received Form 16 yet, you can still file ITR easily. Form 16 is the most important document for salaried employees in India. It is provided by the employer to the employees along with tax deducted at source (TDS) and salary component details. After which the employees have to file income tax return on the basis of the same.
As per income tax rules, every employer has to issue Form 16 to employees having income subject to TDS. However, there may be instances of non-issuance of Form 16. If a person is not provided with Form 16, he can also file Income Tax Return (ITR). Because it is possible to file ITR even without Form 16.
It has been confirmed by tax experts that it is possible to file Income Tax Return (ITR) without Form 16 for the assessment year 2023-24. While Form 16 is generally used by salaried employees to simplify the process. Its alternative methods are also available.
File like this without Form-16
- According to SAG Infotech, in the absence of Form 16, individuals can file their ITR using investment records as well as other documents like payment receipts and Form 26AS to claim tax exemption. Steps to follow to file ITR without Form 16
- First of all one has to collect all the salary slips from the respective financial year. These slips should contain details of salary, allowances, deductions and other income sources.
- Using the information obtained from the salary slip, the taxable income should be calculated considering all elements of salary including basic salary, allowances, perquisites, bonus etc. Certain deductions such as house rent allowance (HRA), deductions and professional tax have to be reduced to arrive at the standard deductible income.
- You should review your bank details to identify any additional sources of income, such as interest income, dividends, or any other form of income, beyond your salary. These amounts should be included in the taxable income calculation.
- It is important to verify Form 26AS, which can be accessed through the website of the IT department. Form 26AS provides a consolidated detail of all taxes deducted and deposited against the PAN of the individual. It is necessary to ensure that the TDS details mentioned in Form 26AS match with the computed income details.
Pay special attention to this
By following these steps and providing necessary supporting documents, individuals can successfully file their ITR without relying on Form 16. Once the return is filed, remember to e-verify it. ITR filed without e-verify is incomplete and will not be considered for processing by the Income Tax Department. The last date for filing ITR for the financial year 2022-23 (AY 2023-24) is 31 July 2023.
