Income Tax Return Filing: How To File ITR Without Form 16—Here Is A Step-By-Step Guide

It is mandatory to file income tax for individuals whose income exceeds the taxable threshold set by the tax authorities. Filing income tax returns allows individuals to report their collective income earned during a specific financial year and calculate their tax liability or refund, if applicable.

Filing tax returns allows individuals to provide a comprehensive overview of their income sources, deductions, exemptions, and tax payments to the authorities.

Why Is Form 16 Important?

Form 16 is a significant document which is required while filing the Income Tax Return as a salaried employee.

Form 16 is a certificate issued under section 203 of the Income Tax Act, 1961, to salaried employees by their employers. It contains details of the salary paid to the employee, the tax deducted at source (TDS) on the salary, and deposited with the government by the employer.

What Can You Do If You Don't Have Form 16?

However, if an individual does not have Form 16, it is still possible for them to file their income tax return (ITR).

There are some documents that one should keep handy in case they do not have a Form 16 which include payslips, HRA receipts, LTA expenses, reimbursements, all bank statements, CTC breakup, Form 26AS, TDS certificates from bank, tax-saving investment proofs, home and education loan certificates, among others.

Step-By-Step Guide

While Form 16 makes it easier to file tax return for salaried taxpayers, ITR filing is possible even without Form 16.

Here are the seven steps you need to follow to file an ITR in the absence of Form 16:

Step 1: Collect your payslip which is important as it contains details pertaining to your taxable income.

Step 2: Make use of 26AS, as it will let you know of all the TDS deducted from all your incomes during the particular year.

Step 3: Calculate all your deductions as you may have made certain expenditures which can reduce your total taxable income.

Step 4: Compute your income from other sources as this will also get included while filing ITR.

Step 5: Know your taxes that are payable.

Step 6: Choose the right ITR form as this is one of the most crucial choices.

Step 7: File and submit ITR and do not forget to e-verify it within a month of filing.

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