Comment Synopsis Even if you don't have Form 16, there are several documents such as salary slips, Form 26As etc. Follow this guide to know how you can easily your ITR without having your Form 16 from your employer.
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ThinkStock Photos For computation of salary income, your salary slips will be the main source of information. Filing ITR without Form 16 seems almost impossible for most salaried individuals. However, there could be times when you do not get Form 16 for the year. It could be because your employer is closing his business or maybe you have changed jobs during the year without completing proper exit formalities.
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Now, even if you don't have Form 16, there are several documents you can use as reference to file your return. Here's the complete guide Step 1: Compute Income from Salary For computation of salary income, your salary slips will be the main source of information.
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So, do remember to collect your monthly pay-slips from all the employers you have worked with during the year. This year also, you will be required to provide the complete break-up of your salary income. These details are: Gross salary Salary as per Section 17 1Value of Perquisites, Amount of profit in lieu of SalaryAllowances exempt under Section 10, Deductions under section 16, i. Your salary slips should normally provide these figures.
However, many companies don't provide the amount of 'value of perquisites' and amount of 'profit in lieu of salary' in salary slips.
The form make quick money on the internet the details of the value of perquisites and amount of profit in lieu of salary paid to you by your employer. Apart from the information mentioned above, your salary slips reflect the value of all the allowances paid to you, the amount deducted towards provident fund PFtax deducted at source TDSand so on.
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However, while computing allowances, be careful as some allowances are partially exempt and some are fully. The amounts of allowances that are tax-exempted are required to be mentioned in ITR. Also, don't forget to claim the standard deduction of Rs 50, under section 16 ia for this year.
It is important to cross check your TDS with the figures shown in your Internet earnings for 16 26AS as there could be some discrepancies. If discrepancies exist, then you need to contact the particular deductor. Step 3: Compute Income from house property If you are receiving any rental income from letting out the house property owned by you, then you need to report it under this head.
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Further, if you have availed any housing loan either on the let out property or on self-occupied property and are paying interest on the loan, then you will get deduction of the same under this head. Additionally, if you own more than two houses, then you need to check the deemed let-out concept first.
If you are one who is earning rental income, then you can avail a flat deduction of 30 percent and deduction of municipal tax paid if any from your rental income. Step 4: Compute Income from capital gains In case of gain from the sale of equities, equity-oriented mutual funds you need to obtain a summary statement from your broker and you will be glad to know that in such cases the gain shall be exempt up to Rs.
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In case of gain from the sale of land or building, you need to have the purchase and sale deed handy from where you can take accurate values for calculation. Step 5: Compute Income from other sources Income from other sources includes interest on various bank deposits savings, recurring deposits, FDs, or any other term depositinterest on income tax refund, and so on.
You can refer to your bank passbook to know about the interest income and Form 26AS for interest on income tax refund. Remember, this year you are required to mention the source of your interest income as well from the drop down menu available in the ITR form.
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Step 6 : Claim all available deductions The various sections of the Income-tax Act under which an individual can claim deductions are section 80C life insurance premium, PF, equity-linked savings schemes, Public Provident Fund, internet earnings for 16 repayment of home loan and so on80D medical insurance premium and so on. Every deduction has a specified limit up to which you can avail it.
For instance, section 80C can be claimed up to Rs 1. So, add up all internet earnings for 16 available deductions in your case along with their relevant proofs.
How to file income tax return without Form 16
Step 7: Compute total taxable income You are about to reach the final stage. The deductions shall be subtracted from the total of income from various sources and the final figure will be your total taxable income. Step 8: Calculate your income tax liability Determine your income tax liability on the total taxable income.
Click here to use our income tax calculator. Step 9: Pay additional tax if required If your total tax liability is more than the amount of tax paid as per your Form 26AS, then you have to pay the excess amount to the tax department. Just don't forget to e-verify the same within days of filing.
What you should do Even if you do not have your Form 16 for the year, you just need the documents mentioned above to file your ITR. Follow the above explained process and you are ready to go. Further, remember to file your ITR within the due date or be ready to pay late filing fees under section F for income tax returns.
The author is Co-founder, Tax2win. The facts and opinions expressed here do not reflect the views of www.
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