Winning Bizness Desk

Mumbai. The last date for filing income tax returns for the financial year 2023-24 is approaching. If you file income tax returns after July 31, then you will have to pay late fees and fines and therefore, it is better that you fill it before July 31. A big question related to this income tax return is about Form-16, which troubles salaried people the most. Let us solve all your dilemmas related to Form-16. Form-16 related to the Income Tax Department is actually issued to salaried employees. This includes employees of private companies. Due to Form-16, employees find it easy to pay income tax in many ways. Under Section-203 of the Income Tax Act, an employer issues Form-16 to his employees.

Form-16 gives information about tax

Form-16 is basically a detailed description of the employee's income and the tax levied on it which contains information about the employee's total salary, investments and the tax exemption received on it. Not only this, if the employer has deducted any TDS (Tax Deducted at Source) from salary, then it also acts as a certificate for it. This is a document of your tax liability.

Is Form-16 necessary to fill ITR?

Now the question arises whether you can file your ITR even without Form-16. So the answer is 'yes'. If your employer has not issued Form-16 or you have forgotten to get it on time, and you want to fill ITR before July 31. Then you can do this work even without Form-16. According to the Income Tax Act, this is not a mandatory document. If you do not have Form-16, then in that case, to pay income tax, you can also get Form-26AS, AIS or TIS certificate from the department's site and calculate your income tax.

Tips for filling ITR without Form-16

If you want to file your ITR without Form-16, then you will have to keep some documents with you. You will have to keep your salary slips, bank statement, and a TDS certificate from the bank. At the same time, for tax refund, you will also have to keep the details of your investment and expenses. This includes proof of house rent and LTA, proof of investment and Form-26AS or AIS or TIS.

Prepare the details of your taxable income

If you do not have Form-16, then now you have to prepare the details of your taxable income yourself. You can do it manually or many online tools have come for this, so we will calculate your income tax with its help. Anyone can download Form-26AS or AIS from the Income Tax Department's website. In this also you will get complete information about TDS, extra income, tax deduction etc. With this you can calculate your tax. If you have not given the details of 80C, 80D and other investments earlier, then you can calculate it and give it while filing ITR. You can find out your taxable income by deducting it from the total income. When your taxable income is calculated, then you can file your income tax return like normal ITR.