The federal government has once more prolonged the deadline to file earnings tax returns (ITR) for particular person taxpayers of the evaluation 12 months 2020-21 and (FY 2019-20) from the earlier than the deadline of December 31, 2020, to January 10, 2021. The date for submitting the tax audit report too has been prolonged to February 15, 2021.
Kind 16 is a TDS Certificates issued by the employer deducting the TDS whereas making cost to an worker. If you’re submitting the earnings tax return, guarantee that Kind 16 you might be utilizing is legitimate and in a suitable format. Upon getting acquired a TDS certificates you will need to guarantee its validity.
What’s Kind 16:
Kind 16/ 16A is the certificates of deduction of tax at supply. It’s issued on deduction of tax by the employer on behalf of the workers. These certificates present particulars of TDS / TCS for numerous transactions between deductor and deducted. It’s necessary to subject these certificates to Tax Payers.
Kind 16 is a certificates, the place the employer is certifying particulars relating to the wage you’ve earned in the course of the 12 months and the way a lot TDS has been deducted. It has two components, Half A and Half B.
Kind 16 has two parts: Half A and Half B
Half A consists of parts corresponding to identify and deal with of the employer, TAN, and PAN of an employer, PAN of the worker, abstract of tax deducted and deposited quarterly, which is licensed by the employer, based on ClearTax – an earnings tax e-filing web site.
Half B accommodates detailed Wage particulars like Home Hire Allowance, Go away Journey Allowance, Go away Encashment, Gratuity, Pension, Deductions claimed like PPF, Tax Saving FD, Nationwide Saving Certificates, and so on.
Right here is learn how to file your earnings tax return with out Kind 16:
Calculate earnings from wage: Put collectively the web wage from all of the payslips you’ve acquired out of your employer within the monetary 12 months. When you have switched a number of jobs in a monetary 12 months, ensure you embrace payslips from all employers you’ve labored for within the 12 months. The main points embrace gross wage together with the worth of perquisites, skilled tax, allowances exempted below Part 10, and leisure allowance. Aside from these, the wage slip will even embrace particulars of the TDS and the quantity deducted for the provident fund.
Calculate TDS deducted with Kind 26AS: Calculate the TDS deducted by your employer over the 12 months and match the quantity talked about in your Kind 26AS. Kind 26AS accommodates particulars relating to the TDS quantity deducted from all earnings sources, which incorporates the earnings from wage.
Calculate earnings from home property: Workers who’ve a Home Hire Allowance (HRA) element of their wage can declare the HRA deduction, you need to submit your lease receipts to your payroll division prematurely. When you have taken a house mortgage, and are paying curiosity on it, you’re going to get a deduction of the identical below the top.
Calculate earnings from different sources: It’s essential to calculate the earnings earned from different sources corresponding to curiosity on financial institution deposits and curiosity on an earnings tax refund. In the event you earn an earnings from any supply aside from your salaried job, don’t forget to incorporate it below taxable earnings. Such sources of earnings can embrace curiosity earned on Fastened Deposits, earnings from lease on property owned by you, and so on.
Declare the deductions: You’ll be able to declare deductions below Part 80C, 80D, and 80G, amongst different sections. Each deduction could have a specified restrict. Whereas claiming a deduction for Provident Fund, ensure you declare solely your contribution to the PF and never your employers’ contribution.
Now you file your ITR after you’ve ensured that the taxes paid by you match the taxes payable by you, go on to file your returns on-line. Test right here the step-by-step information to file ITR on-line.
READ: Revenue tax return submitting deadline for FY 2019-20 prolonged once more to January 10, 2021