By News18
Filing an income tax return is a responsibility that individuals and businesses must fulfil. Not only is it a legal requirement, but it also offers a number of significant advantages, including ensuring adherence to the law and preventing fines or legal action for non-compliance. A few years back, the income tax return (ITR) process was often seen as complex, particularly for salaried individuals who were unsure about their income details, TDS deductions and relevant exemptions. With the introduction of the Digital Form 16 by the Income Tax Department, the ITR process has become significantly easier.
To file your Income Tax Return (ITR) on the e-filing portal, you just need documents like your PAN card, Aadhaar card, Form 16, bank account details and other income proofs.
What is Form 16?
It is a TDS certificate issued by your employer that includes information about your annual salary, tax deducted at source (TDS) and deductions under sections 80C and 80D.
Can you file without Form 16?
The answer is yes. While Form 16 is generally useful when filing an income tax return (ITR), not having it is not a hurdle. You can still file your ITR by collecting other documents and information about your income and taxes paid, like Form 26AS, bank statements, salary slips and investment proofs. Notably, you should make sure that you have the correct tax rates for the fiscal year in question.
If you want to file your ITR without Form 16, then make sure you have Form 26AS. It is a consolidated tax credit statement that shows the amount of tax deducted at source (TDS), tax collected at source (TCS), details of advance tax paid and any high-value transactions made. Wondering how and from where to get Form 26AS? Check below for the steps to download the key document.
Step 1: Go to the official e-filing portal.
Step 2: Then, click on the ‘My Account’ tab and select ‘View Form 26AS.’
Step 3: Choose the relevant assessment year and tap on the ‘View’ button.
Step 4: Once done, click on the download option to save the form on your device.
Other Important Documents
Salary Slips: Another important document you must have if you don’t have Form 16 is your salary slips. It can help you calculate your annual income and deductions. In case the slips are unavailable, go to your employer and request an annual income statement.
Bank Statements: Bank statements are also vital as they show your interest earnings, salary credits and any other income like rent or freelancing. They also reflect your investments, which are useful for calculating income and deductions.
Proof of Investments: To claim deductions under sections like 80C, 80D, or HRA, you must have documentary proof. These include PF deposit slips, ELSS investment statements, insurance premium receipts, home loan interest certificates, rent payment receipts, etc.
Besides the above-mentioned documents, you also require proof of house rent and leave travel allowances, a TDS certificate from the bank and home and education loan payment certificates.