How to File Your Income Tax Return No Form 16: For the fiscal year 2022-23, the deadline for filing Income Tax Returns (ITRs) is July 31. It is required to file tax returns by this date to avoid incurring Rs 5,000 in late filing fees and to qualify for carrying forward certain categories of losses.
Form 16 functions as an employer-issued TDS Certificate indicating the deduction of TDS from employee payments. It is essential that the Form 16 you use to file your income tax return is valid and in an acceptable format. After receiving a TDS certificate, it is essential to validate its validity.
Steps if you need to submit your tax return without Form 16
Compile the net salary from all payslips received from your employer over the course of the fiscal year, including payslips from all employers if you changed positions. This should include gross salary, value of perquisites, professional tax, exempt allowances under Section 10, and entertainment allowance. Additionally, consider the TDS and provident fund deductions listed on the pay stub.
Calculate tax withholding on Form 26AS: Compare the TDS amount deducted by your employer throughout the year to the amount listed on your Form 26AS. Form 26AS details the TDS deducted from all sources of income, including salary income.
If you receive House Rent Allowance (HRA), transmit your rent receipts to your employer’s payroll department in order to claim the HRA deduction. In addition, if you have a mortgage and pay interest on it, you can claim a deduction under the applicable heading.
Determine income from additional sources: Compute income from additional sources, such as interest on bank deposits and tax refunds. Include income from sources other than your salary, such as interest on fixed deposits and rental income from your own properties.
Claim deductions: Claim deductions in accordance with applicable sections, such as 80C, 80D, and 80G, while adhering to specified limits. These deductions include contributions to the Provident Fund, medical insurance premiums, and charitable contributions.
After confirming that the taxes paid correspond to the taxes owed, submit your ITR online. Refer to a step-by-step guide for help filing ITR online.