Don’t have Form-16? Here is the easy guide to e-File your ITR
As the deadline to file your Income Tax Return is 31 st Dec 2021, you must be in a hurry to file your Income Tax Return. Filing Income Tax Return seems complicated to few. Therefore, we sort these difficulties by providing the simplest information to the individuals.
If you are a salaried individual, the first step to file your tax returns is to attain the Form-16 from your current employer. So, first of all, you must know what Form-16 is. Also, it is every employee’s right to obtain the Form-16 from your employer. It is uncommon that your employer doesn’t give you Form-16; in that case, you don’t have to panic as you may still file your ITR.
What is Form-16?
It is a document that records your taxable income and TDS. You may often call it a TDS certificate. It is easy to calculate that without Form-16. Here’s how:
- You must be getting pay slips/salary slips. Collect all the 12 months’ salary slips and calculate your taxable income (from net salary). This way, you would know your income tax slab.
- It is better to collect all the salary slips from all the employers if you have switched your job in the concerned financial year.
- Form 26-AS will let you know the full TDS deducted from your salary. You can match the TDS you calculated yourself with this. If there is a difference between these, immediately consult your employer or the account and ask them to sort the matter.
- If you are living on rent, you must claim your HRA (House Rent Allowance) deduction. For this, submit your rent slips to your accounts department beforehand. This may give you benefits in tax savings.
- Your investments can offer you a great deal in tax saving. Therefore, you must keep all the investment documents safely and calculate the investments you have made. For example, Life Insurance, PPF, EPF etc. fall in Income Tax Section 80C (claim only your contribution to the Provident Fund, not your employer’s) and are tax-free, Medical insurance policy falls in section 80D and Education loan falls in section 80E and all are liable to Income Tax deductions.
- In case you have additional sources of income other than your salary, you must count them in your taxable income. These may be your FDs or income from your property on rent.
- Chances may occur that the tax you calculate is less than what you actually have to pay (as per Form-26AS). In this case, pay the difference separately, online.
- Check the page once again after all fulfilling all the necessary steps. Now, if the payable taxes match the taxed paid by you, you can instantly file your income tax return online.