Income tax returns filing: How to file ITR returns without form 16

Jul 30, 2018, 08:40 PM IST

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:


1: They should first calculate their income from salary and obtain Form 16 from employer to avoid any discrepancies. 


2. In case Form 16 is not available then you can show salary slips, bank credits, employment letter, deductions for provident fund/profession tax.


3. A salaried person should match the TDS deducted with Form 26AS. Form 26AS contains details of TDS deducted not only on salary income, but also on other incomes. The assessee should contact his employer for rectification if discrepancies exist. 


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. 


5. They should calculate income from capital gains. However, one can avail of benefit of inflation indexed cost for long term capital gains.


6. The persons should calculate income from other sources like interest on various bank deposits, interest on income tax refund, dividends exceeding Rs 10 lakh and so on Check Form 26AS for tax rebate.



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.


8. Apart from income-tax, interest and additional fees may be payable. One should declare exempt income, foreign source income and foreign assets if any and also declare exempt income like agricultural income or dividends up to Rs 10 lakh. If required, the person have to pay additional tax 



9. One should file ITR correctly. Select the Correct Form ITR 1 or 2 if you have no business or professional income. In case taxable income, returns has to be filed on income which exceeds basic exemption limit. 


10. Where taxable income exceeds Rs 5 lakh, one has to mandatorily e-file. Now, one can file without Form 16.