Don't have Form 16 and want to file income tax? This is how it is possible

Know how to file your Income Tax Return (ITR) without Form 16. This article covers essential steps, including gathering necessary documents like salary slips, bank statements, and investment proofs, calculating TDS using Form 26AS, checking tax deductions, computing your tax liability, and e-verifying your ITR through multiple methods such as Aadhaar OTP and pre-validated bank accounts. Ensure a smooth and accurate ITR filing process with these practical tips and avoid common pitfalls.

Gather All Required Documents

If you do not have Form 16, the first step is to collect all necessary documents. These include salary slips, bank statements, investment proofs, and rent receipts. This will help you determine your gross salary and where you have invested. Once collected, note down the amounts from each document to avoid having to refer to them repeatedly while filing your ITR.

Calculate TDS

To calculate the TDS on your salary, refer to Form 26AS, which contains details of the TDS deducted from your salary. Ensure that the TDS shown in your salary slip matches the information in Form 26AS.

Check Deductions and Compute Tax Liability

Identify all deductions you are eligible for, such as House Rent Allowance (HRA), medical allowance, and investments under Section 80C. Subtract these from your salary. Additionally, every salaried individual is entitled to a standard deduction of ₹50,000. Deduct this amount from your salary to determine your taxable income.

Tax Calculation and Submission

After computing your taxable income, calculate the tax liability based on your taxable income. This step will help you understand whether you need to pay additional tax or if you are eligible for a refund.

Don't Forget to E-Verify Your ITR

Many people forget to e-verify their ITR, which can delay refunds and lead to complaints to the Income Tax Department. After filing your ITR, you can e-verify it using six different methods. One of the simplest methods is using an Aadhaar OTP, which will be sent to your mobile number registered with Aadhaar. Entering this OTP completes the e-verification process. Alternatively, you can use a pre-validated bank account, Demat account, ATM, net banking, or a digital signature certificate for e-verification.