Income Tax Return: Form-16 is a document that states the taxable income of the employee, that is, the income of the employee, which is to be taxed.
Income Tax Return: The time for filing income tax return for the financial year 2021-22 is going on. In such a situation, a professional employee whose income comes in the slab of taxable income, should file income tax return on time. One form is very important for filing income tax return and that is Form-16. Income tax return is filed through this form but in many cases income tax return can be filed without this form. Form-16 is a document that states the taxable income of the employee, that is, the income of the employee, which is to be taxed. But the salary of many people does not exceed the basic exemption of Rs 2.5 lakh, in such a situation, Form-16 is not issued to those employees, but those employees can still file Income Tax Return (ITR).
Why Form-16 is necessary?
Form-16 is a very important document while filing income tax return. Form-16 is issued on behalf of your company. In this Form-16, apart from the salary taken through you, deduction, tax deducted, allowance, there are many other information, which comes in handy when you are filing income tax return.
How to file ITR without Form-16?
- Find out the TDS of the first financial year for which you are filing ITR. Here you can take the help of Form 26AS.
- Find out your gross salary. For this, collect the salary slip. Keep in mind that only the contribution made by you to PF is part of the net taxable income.
- If TDS is deducted on house rent allowance, then the rent receipt will have to be given to the company to get tax exemption on HRA. This receipt has to be given first, if it is not given then you can claim it at the time of ITR.
- Deduct transport allowance, house rent allowance, medical allowance from salary. You can claim tax exemption on investments up to Rs 1.5 lakh under 80C.
- After doing all this process, you will get to know about your taxable income. You can calculate tax on this and if you have paid more tax than before, then after filling ITR, it will be returned as refund.
