Income tax returns filing: How to file ITR returns without form 16
Income tax returns filing: The deadline for filing ITR returns is around the corner and the small taxpayers and salaried are rushing to file their returns - notably, the deadline has been extended by a month. However, many people are still clueless about the process of filing their tax returns or simply are refusing to do so or do not fall under the ambit of any slab.
The government has meanwhile extended the deadline for filing the income tax return (ITR) from July 31 to August 31. If you miss that deadline than you have to pay a penalty too on the outstanding amount. However, there are many who don't have Form 16! However, they should file their income tax returns too. Salaried persons should follow these steps for filing returns in case they don't have Form 16:
4. The assessee should calculate income from house property, as income from house property is chargeable to tax. Income from self-occupied property considered as nil. However, if one has housing loan on the let out property, or on self-occupied property then he will get tax deduction. The interest deduction is limited to Rs 2 lakh for the self occupied property. If one owns more than one house, notional income is taxable.
7. They should claim all the deductions and rebate they are eligible for such as deductions under section 80C and 80CCD like PPF, EPF, life insurance premium, health insurance premium, among others and keep their proofs for verification. One can also avail deductions under section 80D for medical insurance premium, under 80G for donations and section 80TTA for interest on savings bank account. When taxable income is up to Rs 3.50 lakh, claim tax rebate of Rs 2,500.