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How to file income tax without Form 16?
Posted on: 29/Jun/2017 12:45:30 PM
Are you bothered by your employer, as they are refusing to issue Form 16 (a certificate validating taxes deducted from the monthly salary of employees)? At times of filing income tax returns, this form is of great help. It offers all the essential information for verification process, and indicates TDS is implied on your salary. At the same time, if your employer has refused to issue Form 16, you may file income tax through other means without the need for other important documents.
Income Tax Act guidelines:
According to the Income Tax Act, every employer is supposed to issue TDS certificate by or before 15th June. This is the period when the financial year will come to an end and tax deduction takes place. When the Form 16 is not issued to employees after implying TDS, it can have its consequences to the employer, and he may be bound to pay penalty of Rs 100 per day until he issues the certificate.
Coming on to the legal procedures, there is no official solution for aiding an employee to file case against the employer in case if the latte has not provided Form 16. The employer may however take this issue to the concerned assessing officer, and he will take necessary corrective measures as required. He may even file a penalty case against the employer.
The most common misconceptions about Form 16 are that the employees who are unaware of the tax procedures presume that it is a salary certificate. And they also think that they cannot file income tax returns without Form 16. It is to be understood that Form 16 only aids and conveniences tax filing, but it is not the only certificate with which tax filing can be done.
File tax without Form 16:
Employees can file tax using their pay slip when they don’t have form 16. First of all, you should deduct all the non-taxable elements like house rent allowance, travel allowance, reimbursements, and so on.
The allowance break-up and prerequisites are to be clearly mentioned for filing ITR2A, ITR-2 and ITR-4. You can get the detailed salary break up from your salary portal or approach the HR department of your company. Make sure that you also mention the various sources of income other than the salary you draw. You can recover the interest amount against bank savings through Form 26AS.
According to tax experts, all rental earnings, capital gains, income obtained through savings bank, cash gifts, and other sorts of income are all to be declared.
You don’t have Form 16?
You can get all the essential details for tax fling from Form 26 AS. After Form 16, the Form 26 AS is the most reliable for getting all your details verified. Below are the details you can obtain out of Form 26 AS.
All your income sources other than salary
- Total TDS amount
- Detailed statement of all large-value transactions during the financial year
- Income sourced out of immovable property
