Wednesday, May 25, 2022

Here’s how to file an ITR without using Form 16

Authored by Tapati Ghose and Saranya R

Has your employer not issued Kind 16 for the Monetary Yr (FY) 2019-20?

Are you questioning the right way to file your Revenue-Tax Return (ITR) with out Kind 16 inside the fast-approaching due date?

Allow us to take a look at the alternate sources of data and steps to file your ITR:

Your wage revenue could possibly be collated from completely different sources such because the employment contract for normal wage and additional communication from the employer for one-time funds. You would additionally discuss with the revenue tax computation assertion for the respective FY downloaded from the HR portal or such different repository supplied by your employer. Additional, you may collect your month-to-month payslips to drag out revenue and tax deducted info.

In case your employer had repeatedly submitted the quarterly statements with the income-tax division, then your Kind 26AS would mirror the quantity of wage reported and tax deposited below your PAN by the employer. You would obtain your Kind 26AS from the TRACES portal and reconcile the data from the above sources.

As soon as the wage revenue is arrived at, take into account the eligible exemptions/deductions comparable to HRA exemption and normal deduction to compute the taxable wage revenue.

In case you have been employed by a couple of employer through the FY, then the wage revenue and respective taxes are to be aggregated from all employers for reporting in your ITR. Nevertheless, take into account that the usual deduction and different deductions below Chapter VI A could be claimed solely as soon as.

You’ll have reported different revenue to your employer for deducting tax at supply from wage. Rental revenue (if any) and curiosity payable towards the housing mortgage for the FY could possibly be reported and claimed respectively below the pinnacle revenue from home property. If in case you have offered any of your investments through the FY, then the acquire/loss within the acceptable head (Income and Beneficial properties from Enterprise or Occupation/ Capital Beneficial properties) might have been declared to your employer as nicely.

These might have been declared to the employer primarily based on estimates – earlier than you file your ITR a ultimate computation will probably be required primarily based on paperwork comparable to an curiosity revenue assertion from the financial institution, the curiosity certificates from the financial institution for curiosity paid towards the housing mortgage and capital acquire statements out of your funding banker, to reach on the quantities to be reported in your ITR.

Gather info referring to your investments and bills incurred through the FY. Assess if they’re eligible for deduction below Chapter VI A. In the event you had already declared the worth of deductions to your employer, confirm the numbers along with your year-end paperwork, much like the method adopted to your private revenue.

Now that we now have the data referring to revenue and deductions in hand, allow us to transfer on to the taxes deducted from you. As beforehand talked about, this info can be out there in your Kind 26AS downloaded from the TRACES portal. Hold this way useful whereas filling in your ITR.

Upon getting collected the required info, observe the steps talked about under to finish the ITR submitting course of:

  • Go to the income-tax portal (
  • Verify the ITR kind relevant to you primarily based in your private information (residential standing, sources of revenue and your income-level) and obtain the suitable ITR kind
  • Fill within the ITR with the data collated above, i.e. the main points of revenue, eligible deductions and taxes deducted from you
  • Add the ITR and full the verification course of

As soon as the return is filed and verified, don’t forget to observe up along with your employer to problem your Kind 16.

On receipt of your Kind 16, confirm it with the revenue reported within the ITR filed by you. In case there’s any mismatch with the reporting in your ITR, revise the ITR to think about the correct numbers and file the revised ITR on or earlier than March 31, 2021. As soon as the revised ITR is filed, confirm the ITR to finish the submitting course of.

Tapati Ghose is Companion and Saranya R is Deputy Supervisor at Deloitte Haskins and Sells LLP

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