ITR Filing 2024: Expert Guidance on Filing Income Tax Return without Form 16

ITR Filing 2024: Expert Guidance on Filing Income Tax Return without Form 16

The Income Tax Department has announced the deadline for filing income tax returns (ITRs) for the financial year 2023-24, urging taxpayers to file their returns promptly. While Form 16 is a crucial document for filing ITR, many individuals may not receive it from their employers. In such cases, experts offer guidance on how to file ITR without Form 16.

Who Needs to File ITR?

The Income Tax Department mandates ITR filing for individuals with an annual income exceeding ₹2.5 lakh, ₹3 lakh for senior citizens (60-80 years), and ₹5 lakh for super senior citizens (above 80 years). Additionally, individuals with income from sources other than salary, such as freelance work, capital gains, or rental income, must also file ITR.

Understanding Form 16

Form 16 is a TDS (Tax Deducted at Source) certificate issued by employers to employees, containing details of tax deductions made from salary income. It includes:

• Employee and employer details
• TDS amount deducted
• PAN (Permanent Account Number) details
• Tax payment details

Filing ITR without Form 16

If you haven’t received Form 16, don’t panic. You can still file ITR using alternative documents. Gather these:

• Payslips: They provide details of your salary and deductions.
• Tax deduction certificates from employers (if available): These are similar to Form 16 and can be used to ascertain tax deducted at source.
• Interest certificates from banks (if applicable): These are necessary if you have earned interest from savings accounts or fixed deposits.
• Rent receipts: Useful if claiming HRA exemption.
• Form 26AS: This is a consolidated tax statement and can be used to cross-check tax payments.
• Annual Information Statement (AIS): Provides a summary of financial transactions.

Steps to File ITR without Form 16

1. Log in to the Income Tax e-Filing portal (incometax.gov.in) with your credentials.
2. Select the appropriate ITR form (ITR-1, ITR-2, or ITR-3) based on your income sources.
3. Fill in personal details, income from salary, and other income sources.
4. Enter tax deduction details using payslips, Form 26AS, and tax deduction certificates.
5. Claim deductions and exemptions (like HRA, LTA, or Section 80C) with supporting documents.
6. Calculate total tax liability and pay any due tax.
7. Submit the ITR and generate an acknowledgement number.

Experts’ Advice

Case Study:

Ravi, a software engineer, couldn’t get Form 16 from his employer due to a system issue. Following the steps mentioned above, he used his payslips and Form 26AS to file his ITR. He successfully claimed HRA and Section 80C deductions with rent receipts and investment proofs, avoiding any last-minute hassles.

Expert Opinion:

“Taxpayers without Form 16 should gather alternative documents and carefully fill in the ITR form to avoid errors,” advises CA Rakesh Gupta, a taxation expert. “In case of discrepancies, the Income Tax Department may request additional documentation.”

CA Swati Gupta adds, “Taxpayers should also report any additional income, like freelance earnings or capital gains, to avoid any future notices or penalties.”

Detailed Technical Insight:

Deepak Aggarwal, a Delhi-based chartered accountant and financial consultant, emphasizes the importance of using Form 26AS. “Form 26AS provides a detailed record of all tax-related transactions, which is crucial for accurate ITR filing.”

Conclusion

Filing ITR without Form 16 requires attention to detail and gathering alternative documents. Taxpayers are advised to seek professional help if needed and file their returns accurately to avoid any complications. Remember, the deadline for ITR filing is around the corner, so act promptly to avoid last-minute hassles.