Income tax return filing: How to file ITR without Form 16; 5 steps to much relief

How to file ITR without Form 16: The deadline for filing income tax returns is fast approaching. The first step to file your income tax is collecting Form-16 from your employer. It is employer's responsibility to provide Form 16 to all employees. However, in case you do not get hold of it for some reason, don't be discouraged. You can still file your Income tax returns. Taranpreet, senior consultant, TASS Advisors explains you how: "For some reason if Form 16 is not available, you can use your pay slips in order to file return and Form 26AS to prepare and submit the tax return. Form 26AS is available on income tax portal and one can access it with its login ID and password. This form has all the details of tax deducted and deposited by the employer on salary payments/ other payments. With payslips one can compute its total taxable income, from which one can claim allowable deductions/and exemptions, subsequently compute its tax liability and claim credit of tax deducted at source as per Form 26 AS. Once the computation is ready, one just needs to fill correct income tax return form and submit the return electronically," Taranpreet told Zee Business.  

Here is a step-by-step guide to file your ITR without Form-16:

Collect your payslips 

The first step is to gather all the payslips you have received from your employer in the financial year. In case you have switched jobs, make sure to include payslips from all employers you have worked for in the year.

Access your Form 26AS

Form 26AS is a detailed statement that is available on the income-tax website for all taxpayers. They just need to use their Permanent Account Number (PAN) to access it. Form26AS will tell you the details of your income on which taxes have been deducted. It will also show you how much taxes your employer or bank etc has already paid on your behalf to the government treasury. 

Don't ignore HRA

Many employees have a House Rent Allowance (HRA) component in their salary. Do not lose out on HRA deduction. To claim it, you just have to submit your rent receipts to your employer in advance. 

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Claim your Deductions

If you have invested in Life Insurance, Employee Provident Fund, Public Provident Fund etc under section 80C and 80D (Medical insurance premium) or 80E (Interest on education loan), you must claim tax deduction on the same. Keep your investment documents handy and compute the amounts eligible for deduction.

File your Income Tax Return

Now you just need to match your computation with the figure shown on 26AS. If you have paid less tax than what is actually payable as per the Form 26AS, pay the difference online by choosing the correct ITR form. Paying income tax online is simple. Log on to income tax website and click on 'file your returns'.