There is an option to file income tax returns electronically without using of a Form 16. Individuals can calculate the taxable income by collecting the required payslips.
It is that time of the year again where everyone is busy getting their finances in order and running from pillar to post acquiring the required forms to file their tax returns. Any model citizen who pays their taxes will mention that it is a cumbersome process.
But there are ways to make life easier especially towards the end of a financial year. One can file their tax returns electronically without the use of a form 16. The information given below will shed light on how to file the e-returns.
Conventionally, while filing the returns, the salaried individual has to obtain the form 16 from their respective employers. The employers are obligated to perform this task and one can always reach out to their employers for the form 16.
But there a few instances when the employer will not provide this. In such cases, one can file the returns themselves electronically. The form 16 in actuality is just a TDS certificate that gives you details of the taxable income and the tax deducted at the source.
Without this form, the individual will have to calculate these by themselves. This can be done by collecting the payslips to calculate taxable income. Then the individual needs to claim their deductions such as HRA if they are residing in a rented residence. They have to list other sources of income if any, pay additional taxes if applicable and file their returns.
The above method is especially useful if for some reason an employer doesn't provide a form 16 to the employee.
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