How to file income tax returns online Without Form 16?
If you have not given Income Tax Form 16 by your company and you worried about What is Form 16, filing income tax returns then there is no question of worry. Here you will tell the whole process of e-filing step by step that too easy way without Form-16. ITR is file online, so the most important thing is that you have good internet speed and besides some important documents that are telling you further.
What is Form 16?
Form 16 is an official document issued by a company evidencing the TDS (Tax deduction at source) which is deducted from your salary/income and deposited with the authorities.
Form 16 Format
Click the link to download the Form-16 format in excel sheet
Keep all the pay slips and calculate the total salary
Deposit all the salary slips for a particular financial year, even if you have switched jobs in between. Calculate your gross total salary. However, while calculating taxable pay, the employer’s PF contribution will not be considered, but your contribution will be.
Find out how much tax is deducting
To check the deduction of the number of total salaries, you must specify Form 26 AS. The deduction on Form 26A should be same as mentioned by your employer in the salary slip.
Transport (TA) and Medical Alliances(MA)
If you are getting transport and medical allowance, you can get a discount of 34,200 rupees (transport allowance of Rs 19,200 and up to Rs 15,000 a year in medical allowance while calculating your income tax). However, from the Financial Year 2018-19 (air 2019-20), in exchange for the current transport allowance and medical expenditure reimbursement, it may be able to take advantage of standard deduction of Rs 40,000.
Claim of HRA and other exemption
You can reduce your tax charge by claiming HRA (House Rent Allowance) exclusion. You should also calculate exemption allowances such as vehicles, children’s education and hostel allowance, food coupons, etc. from your taxable wages.
Claim deduction under Section 80C
If you have invested in a specified device under Section 80C of the Income Tax Act, you can claim deduction which can add up to Rs 2 lakh (Rs. 50,000 under 80 CCD 1B).
Declare income from other sources
Any other income, such as income on rent, part-time business as well as interest earned on fixed deposits, will come under total taxable income.
Calculate Total Taxable Income
You need to calculate your exact income tax on taxable income according to the income tax slab rates announced for that fiscal year.
Pay extra if necessary
Once the tax payable calculated, you will need to find out how much the amount of tax you have paid. If this form is less than the amount mentioned in Form 26, then you have to pay an additional amount.
File ITR without Form-16
Once all your outstanding tax dues or inter alia has been paid and everything matches according to Form 26 As, you can e-file for your income tax return without Form 16.