Income Tax Return: Know How To File IT Return Without Form 16; Deadline On December 31
Pune, December 29, 2020: Form 16 is the most crucial document for filing an income tax return. It is almost impossible to file an income tax return without it as it shows a gross salary of an employed person. However, this created trouble for those who lost their jobs and the companies who lost their business during the corona crises as they can not get Form-16. Nevertheless, one can still file their return without it. Here is how one can do it.
1) Calculate your income in the given financial year.
If you are employed, then collect all the payslips. Additionally, calculate the rent of the house, interest on the deposit in the bank, etc. Moreover, if you have left your job in the middle, fill in the companies’ payslip details. While calculating salary, make sure you calculate the amount you get after deducting PF TDS and professional tax.
2) Calculating TDS
Take a reference of Form-26As for calculating the TDS deducted on your salary. Make sure the tax amount deducted is the same as in your salary slip. If the amount is not similar, then take the old company’s help to determine the indifference reason.
3) Claim tax exemption and deduction
Claim tax exemption on investment up to 1.5 lakh under section 80C and health insurance under 80D. Reduce all the allowances you get from the salary. Besides, claim tax exemption on all the possible investments.
In the end, you will get to know your taxable income. Calculate tax and fill it. If you have paid more tax before, then the remaining amount will be back after filling ITR. The amount of tax that is to be paid will automatically appear in the ITR form. Make sure to do e- verification. After fulfilling all the conditions, you can file income tax without Form-16.
