All the individual taxpayers have to file their returns by July 31. Form 16 is required to file the ITR and is a very important document for filing returns for the salaried taxpayers. If you did not get Form 16 from your company, you do not have to worry. You can file your ITR even without it.
Why Form 16 is not produced:
According to the Income Tax Act, companies have to give Form 16 in all respects. For this, the date is up to May 31. The HR department of many companies cannot manage to produce Form 16 on time. It may also be because the company is facing some difficulties. According to the Income Tax rules, 100 rupees per day of fine is levied on such companies. In such a way, by compiling other documents for filing returns, calculate tax and submit it yourself.
Use the Salary Slip:
In the absence of Form 16, you can easily find your taxable income with the help of Salary Slip. Apart from the HRA present in the salary slip, you can find out the taxable income by deducting other investments found in Part B other than the LTA. If you are filling ITR2, 2A or ITR4, then look carefully at the CTC breakup written in the appointment letter received from the company. Apart from this, the TDS Certificate received from the bank, Rental Income, Capital Gain, Cash Gift in excess of Rs. 50,000 and Dividend Income shall also be considered.
Cross check TDS with Form 26 AS:
Taxpayers should cross-check their TDS before filing returns. For this, there is information about the TDS from all sources in Form 26As. If there is slight difference in the TDS submitted in Form 26 AS and ITR form, then IT department can send you a notice. In addition, the investment made with proof such as Insurance Premium, PPF, NPS, Children's tuition fees and EPF deposited shall also be considered under Section 80C.
sir if we have not a salary slip or form 16 and our salary is comes in bank account then can we file itr through bank statement. if we have not recived any other allowance directly through company than what i do.