ITR Filing: Taxpayers whose source of income is salary need Form 16 to file income tax return. The employer issues it to every employee. It is necessary to issue it to the employees by 15 June every financial year. It contains information about the taxpayer’s income and TDS
ITR Filing: The deadline for filing Income Tax Return (ITR) is approaching. Form 16 is necessary for employed people to file income tax returns. This is a TDS certificate, which is issued by the employer. Employer means the company where the taxpayer works. This includes salary income and tax deducted at source (TDS). The employer deposits the TDS money with the government. The question is whether income tax return can be filed without Form 16? Let us try to know the answer to this question.
Why is Form 16 necessary to file income tax return?
Experts say that Form 16 makes it easier to file income tax returns. But, in some situations the return can be filed even without this. If you do not have Form 16, you will have to take help of other documents. These include salary slips, bank statements and other financial records. Apart from this, it is important to verify the applicable tax rates for the concerned financial year.
Complete information about tax-saving investments is necessary
Taxpayers must have records of tax-saving investments. You will have to claim deduction on such expenses, which is allowed in the Income Tax Act. For tax savings investment, complete details of investment in instruments included in the list of section 80C are necessary. These include Public Provident Fund (PPF), National Pension Scheme (NPS), Equity Linked Savings Scheme (ELSS) etc.
TDS information will be available from Form 26AS
If Form 16 is not available, you can take the help of Form 26AS for TDS information. It contains complete details of tax. You will get complete information about the tax deducted from your salary by the employer and deposited with the government. It can be downloaded from the Income Tax website. Taxpayers can download it by logging in with ID and password.
June 15 is the deadline for issuing Form 16.
Experts say that it is mandatory for the employer to issue Form 16 to the employees. The deadline for this is June 15th. This means that every employer is required to issue Form 16 by this date. Many companies issue it before this date. Tax experts say that one should wait for the issuance of Form 16 to file income tax return.
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