Skip to main content

Easy Steps to File ITR Even Without Form 16 for Salaried

Image
By Arpit Kulshrestha
Filing ITR without Form 16

10th January 2021 is the last date for filing the ITR which reveals that there are only 5 days left for the same. It is better to collect all the documents and furnish ITR which prevents the stress and wrong filing at the last min. It is somewhere not possible to furnish the ITR if an employed person does not have Form-16 with him. As this form revealed the gross salary of the person and the TDS needed to be cut down. 

In some situation, if the organizations will not able to hold the business for some cause or any due to some other reason you will not able to get some cause you left your old company by not completing the formalities then you will not receive Form 16 and in such cases, you can furnish the ITR through other credentials such as mentioned below:

The Calculation of The Total Income:

File income tax without Form 16 is important to determine the income from all the sources in the corresponding fiscal year to file the ITR and for that, it is mandatory to have all the salary slips then only total income will be known. Thus to determine the payable income you have to deduct all the investments and deductions from the total income. 

You are urged to provide the details if you have earned any amount as rent from your property.

You are subject to paying the tax if you have gained capital gains either long or short. But it has the benefits of indexation relative to losses and inflation. The assessee must compute it perfectly to check the actual liabilities. The credentials must be associated with the buying and sale of property (deed), stamp duty, brokerage, and registration fee so to calculate the capital gains. 

One needs to consult from their respective broker so for the event of the mutual funds as well as shares. The profit for Rs 1 lakh which is enrolled is not liable for any tax which has been earned through the shares for the long term besides that short term gains are payable at 15%.

Other sources of income have to be computed such as the interest furnished on income tax refund in addition to interest on savings, fixed deposits, recurring accounts. The details concerning the passbook as well as the interest tax refund from Form 26 AS is mentioned respectively and you can see. 

TDS Computation 

See Form-26AS for details on subtracted TDS on your salary. It will make an individual sure that in Form-26AS and the amount of tax written in the salary slip is similar. If the figures were not the same then you should have to clear out from your older company and from that, you will get to know why distinctive taxes are appearing in the salary slip and in the Form-26AS.

Claim The Refund:

From your income, you must deduct all the allowances like transport allowance, house rent allowance, medical allowance, etc. also Rs 50,000 deduction will be refunded to you. Below section 80C of the Income Tax Act, you can avail of the tax privilege on the investments done up to Rs 1.5 lakh. Discounts on investments and expenses can be availed.

Computation of The Tax and E-verification

After all the calculations you will get to know about the tax on the income which you were receiving. Filed the return after you get to know about the taxed value. If you have already filed more then it will be refunded to you soon. The computation of how much tax to be paid will automatically start resembling the ITR form. E-verification will be done after filing ITR. 

Credentials of The Employers or Company Can be Worked Out

You will not get Form-16 if you are an employee of a company and your TDS does not get deducted. For the certificate, you can request out to the employer of the company as he mentioned the income you received in the certificate. Through the bank statement, you can file the ITR if your employer denies to give you a certificate. 


Comments

Post a Comment

Popular posts from this blog

Why Small Firms Should Consider Gen Payroll Software?

By Arpit Kulshrestha
Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...
2 comments
Read more

How ITR Software Assists Individuals in Filing Tax Returns

By Arpit Kulshrestha
Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...
Post a Comment
Read more

Major Income Tax Rule Changes to Simplify Return Filing

By Arpit Kulshrestha
Income Tax Return Filing- The normal Income tax return filing due date for AY 2024-25 ended on July 31, 2024. On December 31, 2024, the due date to file a belated ITR with a penalty amount of Rs 5000 will end. The Income Tax Department after the July 31 deadline will provide different categories of taxpayers with specific deadlines to furnish income tax return filing (ITR) . For instance, the tax department has extended the ITR filing date for those who require the audit of their accounts from 31st October 2024 to 15th November 2024. Below we talk 5 amendments in the rules of the income tax concerning tax returns filing via the taxpayers. With New Form 26AS Improved Tax Transparency The introduction of the new Form 26AS furnishes the complete data to the taxpayer along with the details of tax deductions or collections at source, demands, payment of taxes, specified financial transactions (SFTs) and refunds. Also, the inclusion of SFT data assures that the taxpayers know about their tra...
Post a Comment
Read more