How to file Income Tax Return without Form 16 - PROCESS EXPLAINED here in detail

Employed people have to file an income tax returns every year and Form 16 is required to do the same. If for some reason you have not received Form 16, you can still file your return.

Actually, Form 16 is the record of your tax, which your company has deducted from your salary. It is also called salary certificate or salary slip, because it contains complete details of your salary.

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Any company must give salary slips to its employees. Form 16 is also important for you because it contains every necessary detail which is useful in filing income tax return. But, it is not that you cannot file return without Form 16. For this you have to keep some documents ready.

If you want to fill tax easily without Form 16, then you will need some documents like monthly salary slip, Form 26AS or tax credit statement which you will get from TRACES website.

Apart from this, while filing income tax return, you will also need rent agreement and other documents, through which you can tell where you have invested.

Follow this process:

Calculate gross salary from pay slip

Collect all the pay slips of the financial year as your pay slip contains the necessary details related to salary. If you have switched companies in between, then fill the pay slip details of both the companies. While calculating the salary, keep in mind that the salary you get is given after deducting your PF, TDS, profession tax.

Calculate tax deduction

You can refer Form 26AS for tax deduction details. It contains the total tax details deducted by your company from your salary.

Claim allowances

If you are employed, then you get many such allowances, by claiming which you can save tax, such as HRA, LTA, education allowance. While filling the ITR, the documents related to all these must be used.

Provide information regarding other income source

You must show the income coming from other sources. Like the rent received by renting the house or interest given on housing loan, money received from small business etc. Do not forget to show all these things under total taxable income.

Net Taxable Income

After completing all the above process, now you can calculate your net taxable income. For this you have to subtract your total earning from your total deducted money. In the end, whatever figure will come in front of you is your total taxable income.

Calculate tax

Now you have your taxable salary in front of you and you can find out how much tax you have to pay in this financial year according to the income tax slab rate.

Pay extra tax if necessary

If the calculation shows that the tax paid by you is less than your tax liability (as per Form 26AS) then you should pay the remaining tax amount to the Income Tax Department.

File ITR without Form 16

After completing all the process, wait till it is shown in Form 26AS. If your tax liability matches with the tax paid by you, then you can e-file your ITR even without Form 16.

(Based on the conversation with tax expert CA Manish Gupta)