Explained – How to file Income Tax Return online without Form 16

 

Explained – How to file Income Tax Return online without Form 16



Even if a salaried has not received FORM 16 from the employer, he/she can still e-file the Income Tax returns based on the following points.

New Delhi: For every salaried individual, FORM 16 is one of the most documents that takes care of the taxable income and TDS components. Thought every employer mandatorily provides a Form 16 to its employees, it many so happen in some rare case that the employee might not have got the IT form. However, even if the employee has not received FORM 16, he/she can still e-file the Income Tax returns.

You can file your ITR on based on the following points: 

Check details on pay slip

Check your salary slip for the entire financial year that you are filing your ITR for. Your salary slip will contain details of your in hand salary, gross salary, and other details on PF, medi-claim, TDS deductions.

Refer to Form Form 26AS

Refer Form 26AS for tax deduction details and match it with your pay slip.

Allowances and other deduction

Many salaried employees also get a part of their salary as allowances viz HRA, LTA, education allowance, entertainment, conveyance allowances. While filling the ITR, compute the taxation after factoring in the allowance part.

Income source

While filing the ITR, show income that you might have generated from other sources like on housing rent, show interest on housing loan, money received from other business, tax deductible mutual funds and capital gains if any.

Net Taxable Income

Based on all the tax components that you are liable to pay, calculate your net Taxable Income. Once you have completed the process of computing all the taxation liability, wait till it is shown in Form 26AS and if your liability matches with the tax paid by you, then you can e-file your ITR.

(Disclaimer: This is only a suggestive list and is not indicative of any professional tax assessment. Please consult with your CA or professional tax consultant before filing your returns.)



Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more