File Your ITR without Form 16? Yes, it’s possible. Know how to file it using payslips, bank statements & Form 26AS.
Many people have questions about filing tax returns, especially whether it’s possible without Form 16. Here’s a guide for filing your ITR for FY 2023-24 (Assessment Year 2024-25).
What is Form 16 and Why Isn’t it Mandatory?
Form 16 is a certificate issued by your employer, stating your income and tax deducted. It is a crucial document for filing income tax returns. While it simplifies filing your ITR, it’s not a mandatory document.
File Your ITR Without Form 16? Here’s How
While Form 16 simplifies filing, it’s not mandatory. You can still file your ITR using the Income Tax Department website. Here’s what you’ll need:
- Form 26AS, AIS, or TIS certificate: Download these from the Income Tax website. They provide details on your tax deducted at source (TDS).
- Supporting documents: Gather your salary slips, bank statements, TDS certificate from the bank (if available), rent receipts (if applicable), and investment proofs.
ITR Filing without Form 16:
- Calculate your taxable income: This can be done manually or through online tools.
- Download Form 26AS or AIS: This will show your TDS details.
- File your ITR: Once you have your taxable income calculated, proceed with filing your return like you normally would.
Required Documents:
Required documents, and implications of filing ITR without Form 16.
- PAN Card
- Aadhaar Card
- Salary slips
- Interest certificates
- TDS certificates
Step by Step Process:
- Visit the income tax e-filing website: https://www.incometax.gov.in
- Register and login to your account.
- Fill in the ITR form and upload required documents.
- Submit and verify your ITR.
Implications and Benefits:
- Delay in refund
- Possibility of penalties
- Benefits of filing ITR on time
Filing income tax return without Form 16 is possible, but it requires careful preparation and attention to detail. Understand the implications and benefits, and file your ITR with confidence.