Form 16 is provided by employers, and serves as a concise summary of income and tax deductions.
Filing income tax returns is one of the most important duties for every citizen in India. Using Form 16 is part of filing tax returns for employees in the country. Form 16 is provided by employers, and serves as a concise summary of income and tax deductions. Occasionally organisations can take too long to provide taxpayers with their Form 16. But the absence of this document should not deter taxpayers from fulfilling their tax obligations.
Taxpayers still can file their tax returns without Form 16. Here's the process:
Start by collecting relevant income-related documents such as salary slips, bank statements, interest certificates, and rental income receipts. These documents will facilitate the accurate calculation of total income from various sources. Ensure that all income earned during the financial year is duly considered.
Identify the deductions and exemptions you are eligible for under the Indian Income Tax Act. Such deductions may encompass insurance premiums, contributions to provident funds, and repayment of home loans, among others. Examine supporting documents to ascertain applicable deductions.
Access Form 26AS, which is available on the Income Tax Department's e-Filing website. This consolidated statement presents a comprehensive overview of tax credits and taxes paid, as per department records. Thoroughly verify the accuracy of taxes deducted by employers and other entities, ensuring that no tax credits are inadvertently overlooked.
Utilise the online income tax filing portal offered by the Income Tax Department to file tax returns. The user-friendly interface will guide you through the form-filling process and assist in entering accurate information. While declaring income, be meticulous and transparent, relying on the available documentation and calculated figures.
Things to keep in mind:
Maintaining records of supporting documents, including salary slips, bank statements, and investment proofs, is crucial. These records may be requested for verification purposes by the tax department in the future. Retain a copy of the tax return acknowledgment for reference and record-keeping. Individuals who are facing issues can seek assistance from tax professionals or chartered accountants.
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