Most salaried taxpayers across India would have by now received their Form 16 and begun the process of filing their Income Tax Return (ITR) for the assessment year 2024-25 (FY24).
Form 16 holds significant importance for salaried employees in India as it is issued by employers and provides a detailed breakdown of salary components along with information about tax deducted at source (TDS).
Under income tax regulations, employers are mandated to issue Form 16 to employees whose income is subject to TDS. However, there are scenarios where Form 16 might not be issued, leading to the question: Is it possible to file ITR without Form 16?
Filing your Income Tax Return (ITR) without Form 16 may initially appear challenging, but it is entirely feasible. Form 16 serves as a critical document outlining your salary details and the taxes deducted by your employer.
Even in the absence of Form 16, you can proceed with filing your return accurately. Vikas Dahiya, Director of ALL India ITR, affirmed, "Even without Form 16, you can still file your return accurately. Here at ALL India ITR, we recommend gathering alternative documents like your salary slips, Form 26AS (TDS certificate), Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and investment proofs."
To file ITR without Form 16, one effective method is obtaining Form 26AS from the Income Tax Department's website. This form provides a consolidated tax statement encompassing all TDS deducted and credited against your PAN. It is crucial to cross-check that the TDS entries align with the deductions recorded on your salary slips.
"While Form 16 simplifies the process by consolidating salary income and tax deductions, it is not mandatory for filing purposes. Alternative documents such as salary slips for income details and Form 26AS, Annual Information Statement (AIS), Taxpayer Information Summary (TIS), and your Tax Deduction at Source (TDS) certificate can be utilized to verify TDS deductions claimed by your employer," added Dahiya.
It is essential to gather comprehensive income details by carefully reviewing salary slips or bank statements to ascertain total income. Additionally, checking the Taxpayer Information Statement (TIS) for any additional income sources is recommended for thorough reporting.
Steps to file ITR without Form 16 involve verifying tax withholdings independently and leveraging Form 26AS or salary slips for TDS details. Exploring deductions allowed under the Income Tax Act, such as LIC premiums, tuition fees, housing loan repayments, provident fund contributions, and HRA, helps minimize taxable income.
Calculating tax liability after claiming deductions enables determination of net taxable income and identification of any additional tax liabilities or refunds. For expediency, electronically submitting your Income Tax Return (ITR) and using Aadhaar E-Verification streamlines the filing process, ensuring compliance with the deadline of July 31, 2024, for FY24.
By following these meticulous steps, filing your ITR in 2024 remains achievable, even without Form 16, facilitating timely submission and potential refunds while avoiding penalties.
