7 Steps To File ITR Without Form 16

Collect your Pay Slip

Form 16 contains all the details relating to your taxable income. The same can be obtained with a salary slip received by your employer. Therefore, in the event that your 16th form is absent, the division of income and tax details may be deducted from your periodic pay slip.

Make use of 26AS

Form 26AS may notify you that TDS has been deducted from your total income within a particular year, including your salary. Reading your 26AS in detail will help you in two ways,

• It will show your TDS deducted from earnings as well
• If, you have received any other income during the year, where TDS has been deducted. You can find out about it and disclose it while completing the ITR

Calculate your Deductions

You may have made some expenses and investments that could reduce the amount of taxable income. Such exemptions include rent, donations or deductions due under section 80C - LIC, PPF etc. Calculate all the deductions and get the same benefit from lowering your taxes, while completing the ITR.

Compute your Income From Other Sources

Try to remember all the sources of revenue for this year. It could be rent or income from shares or joint ventures or income from the sale of certain assets and any such income that you do not receive from the employer. Summarize all of that income and its value in order to disclose what is due at the time of repaying your income. It may also affect your choice of ITR form.

Know your taxes payable

After verifying the sources of revenue, deductions to be claimed, TDS has already deducted the final calculation of revenue will result in two things

Either additional taxes have been paid, through which you can earn a refund through ITR or, Some tax payments are still payable, which you must pay before applying to the ITR.

Choose appropriate ITR Form

Choosing the ITR form is one of the most important options. It depends largely on your revenue sources and the amount earned. Exposing the correct information in the wrong form may result in disabling Complete Restoration.

File and Submit ITR

The final step involves preparing and submitting your return with the Income Tax Department. In addition, do not forget to confirm it by email within 120 days of completion.

Form 16 covers all your salary divisions and donations made to PPF etc. Also, the amount deducted by the employer such as TDS and the final tax debt can be easily determined. Normally, form 16 is issued to all employees on time, but its non-availability in unavoidable cases can be taken through the above steps.

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