This is why the Form 16 is important. If you're a salaried
employee, your employer is obligated to provide you with your Form 16. But in
some rare cases, when the Form 16 is not given, you can still e-file your
income tax returns. Here's how.
The Form 16 is one of the most important documents that is
required to e-file income tax returns. Since it contains all the required
information regarding your salary, tax deducted at source (TDS) on your behalf
and your tax-saving deductions, among others, you can use the Form 16 to easily
input the required information into the income tax return form and successfully
file your returns.
This is why the Form 16 is important. If you’re a salaried employee,
your employer is obligated to provide you with your Form 16. But in some rare
cases, when the Form 16 is not given, you can still e-file your income tax
returns. Here’s how.
Your Form 16 is basically a certificate or income proof that
provides information on your taxable income and TDS. While all these details
will be readily available to you if you have your Form 16, you can still
calculate them by yourself if you don’t. To calculate your taxable income and
TDS deducted, you would need the following documents and details:
Pay slips to calculate income
Form 26AS to calculate TDS
Rent receipts to calculate house rent allowance (HRA)
Details of tax-saving expenses and investments
Details of income other than salary
Once you have all this information in hand, you can calculate
your total income and minus the TDS and deductions from it to arrive at your
taxable income. Of course, doing all these are not as easy as it sounds. So
let’s take a look at each of these steps in a little more detail.
Collecting
pay slips: All your pay
slips put together have the salary that you have earned through the financial
year. This would work even if you have changed jobs during the year, you would
have pay slips from the different employers to add up your total salary income.
Deducing
TDS from Form 26AS:
Also known as the tax credit statement, your Form 26AS contains information on
the TDS deducted on your behalf when various payments are made to you. This
includes the TDS deducted by your employers before paying your salary. You can
download the Form 26AS from the income tax department website to check that
there’s no discrepancy in the TDS.
Claiming
house rent allowance:
If you’re a salaried employee and you live in rented accommodation, you’re
allowed to claim house rent allowance. To claim this deduction, you need to
submit the house rent receipts to your employer. If, for some reason, you
failed to submit the rent receipts, you can still claim house rent allowance as
long as you have the relevant details.
Availing
the benefit of tax-saving deductions: Individual taxpayers can save up to Rs 1.5 lakh in income
tax by claiming deductions on certain investments and expenses. When filing
your tax returns without a Form 16, you should have the details of such investments
and expenses and enter them in the relevant fields.
Income
from other sources:
Quite often, salary income is not the only income that one earns. You will also
be earning from house property or fixed deposits and other such investments.
Even the interest earned on savings bank accounts is a source of income that
needs to be mentioned while filing tax returns. This is how you can file your
tax returns even without a Form 16. Of course, it is much easier if you do have
a Form 16 so make sure you get it from your employer.
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