At the end of April, ITR (Income Tax Return) forms have been issued by the Income Tax Department. Now gradually companies have also started issuing Form-16. But what if Form-16 is not given by the company? By the way, it has been a misconception that ITR cannot be filed without Form-16. There is nothing to worry about.
Today we will tell you how you can successfully file your ITR even without Form-16 so that you can fulfill your tax obligations on time. This information will prove to be extremely useful for you, especially for those who are getting delayed in getting Form-16.
How to file ITR without Form-16
The process of filing an ITR without Form-16 is extremely simple. Just follow these steps carefully.
Before filing an ITR, you have to collect all the required documents. These include:
Salary slip
Form 26AS
Bank statement
Investment certificate under section 80C
Loan statement
These documents will provide a clear picture of your income and expenses.
Tax Preparation
Now you have to first calculate your total income to look at tax. In this, you can include your basic salary, allowances received, and bonuses. List all your income sources and find their total amount.
Calculating deductions and exemptions
Next, you have to calculate deductions and exemptions. After deducting all the deductions and exemptions from the gross salary, you will get the taxable income. This can include section 80C, 80D, HRA (House Rent Allowance), standard deduction, etc. This plays a vital role in reducing your tax liability.
Filling ITR form
After this, comes the time to fill the ITR form. For this, download ITR 1 or ITR 2, whichever is eligible for you, from the Income Tax Department. Then fill in the calculations done above and all your basic details in the form. Make sure all the information is accurate and correct.
Verify and e-Verify the details
Finally, you have to verify all the details entered before submitting. Double-check to avoid any errors. After this, you have to do the final step i.e. e-Verification. E-Verification validates your ITR and there are multiple options available to complete it, such as through Aadhaar OTP, Net Banking, or Demat account. This completes your entire ITR filing process.
