You Can File ITR Even Without Form 16. Check Here How



ITR Filing 2022 Latest News Today: As the Central government is not planning to extend the deadline for Income Tax Return filing for FY 2021-22, the taxpayers must file their ITR before July 31. On Friday, Revenue Secretary Tarun Bajaj made the announcement that the Central Government is not considering extending the last date for filing income tax returns as it expects most returns to come in by the due date of 31 July.Also Read – ITR Filing 2022: Attention Taxpayers. Income Tax Return Filing Deadline Will Not be Extended Beyond July 31

To file ITR 2022, the salaried individuals need to obtain Form 16 from their employers. The taxpayers must be knowing that Form 16 is a record of Tax Deduction at Source (TDS), and it carries the details of total tax paid in a financial year by a salaried taxpayer. Moreover, Form 16 is also the TDS certificate issued by an employer at the end of the financial year for the employee. Before filing ITR, the employees need to ensure that Form 16 is received in a valid format and check all details of the total tax deducted at the source from their salary. Also Read – Explained: How to File ITR and Tips to Prepare Before Filling ITR – Watch Video

Many times, Form 16 is not received by employees due to multiple reasons from the company. In case, the employer faces some financial issues or plans to shut down the business, obtaining Form 16 could be delayed for the employees. Also Read – ITR Filing 2022: Here’s How to Change Income Tax Portal Profile Password Using Aadhaar OTP. Step-by-step Guide

Moreover, if you change jobs without proper exit formalities, getting Form 16 could also take time. But interestingly, you can still file your Income Tax Return even without obtaining Form 16.

However, if you don’t have Form 16, you can still file ITR by using your salary slip. The monthly salary slips contain the details of all deductions.

ITR Filing 2022: Here’s how to file ITR without Form 16

Need to Calculate Total Income: To file ITR without Form 16, the employees need to calculate the total income in a financial year by putting together the amounts received every month. If the employees have switched jobs in a financial year, that also need to be included in the calculation. The salary slips received from the employer should have the details like TDS, Provident Fund deductions, basic salary, allowances and perks.

Calculate TDS from Form 26AS: The employees can calculate the total amount of tax deducted by the employer/employers from the monthly salary slips. Then match this total amount with Form 26AS. The employees can access Form 26AS by logging in to the e-filing website. It should be noted that Form 26AS is a consolidated tax statement which contains details of TDS, tax collected at source, advance tax paid and self-assessment tax.

Then Need to Calculate HRA deduction: Those who are receiving house rent allowance (HRA) can claim the deduction for this component. And if they pay rent, they can also claim deductions, but have to file at least one rent receipt for each quarter of the financial year. For housing loan, you can also claim deductions on the interest paid.

Income From Other Sources: The employees need to give details of their income from other sources like proprietary businesses that do not need an audit, interest earned on bank deposits, mutual funds. These income details need to be reported in your ITR filing.





Source link

Add a Comment

Your email address will not be published.