ITR filing for AY 2021–2022: For salaried employees and individuals whose accounts do not require an audit, the income tax return filing deadline for FY 2021–2022 is July 31. Salaried workers can easily complete their income tax returns using Form 16. However, many people are hesitant to file their taxes without a Form 16 because they perceive the procedure to be excessively time-consuming.
Tax professionals claim that ITRs can be submitted even without Form 16. “For salaried individuals, form 16 is typically associated with ITR filing. The most prevalent myth is that form 16 is required in order to file an ITR. If certain requirements are met, an individual can file their income tax return even without Form 16,”.
How does Form 16 work?
The information on gross wage, exempt allowances, house loan interest, and Chapter-VIA deductions is contained in Form 16. Form 16 is highly beneficial when submitting an ITR because it also provides information on taxable income, tax on taxable income, and TDS deducted.
How to file ITR without Form 16?
Most salaried workers receive Form 16 from their employers, but in a few rare circumstances, it’s conceivable you won’t. Paystubs can be used to file your ITR in these circumstances as well to obtain information about your salary, exemptions, and deductions, according to Abhishek Soni, co-founder of Tax2Win.
Additionally, Form 26AS can be used to determine how much of a worker’s gross salary the employer deducts TDS from, he said.
Bangar advised downloading one’s 26AS statement, collecting pay slips for every month of the fiscal year, and comparing one’s salary and TDS to the form 26 AS.
If the statistics match, Bangar instructed, “then gather all information on tax-saving investments and tax-saving expenditures made during the financial year and proceed with ITR filing.”
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