It is supposed to help you with assessment of your salaries, investments and necessary tax deductions or refunds.
But did you know you can still file your taxes without it, in the rare event that you aren't provided it? Find out how!
Filing tax returns without Form 16
What exactly is the Form 16?
The employer calculates employees' net taxable income based on salary and investments made, and also the tax deducted at source (TDS). The Form 16 is a statement of the total amount paid and TDS, which can be used to file for returns, if any.
Collect your payslips and Form 26AS
Firstly, collect all your payslips. They will help you assess your taxable income.
Collect the Form 26AS. This shows the taxes the government received from you.
It is available on the I-T website at www.incometaxindiaefiling.gov. Go to My Account> View Form 26AS. Alternatively, you can log on to netbanking and view your Form 26AS.
With these, you can find how much your employer deducted.
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Get your figures in order
There are several deductions that you can claim from your salary, non-taxable items like Leave Travel Allowance, House Rent Allowance, Section 80C deductions on investments and more.
You might also have income from other sources. Eg, from your savings bank account or fixed deposits, shares and mutual funds, income from property on rent and more. Add these up to get your total taxable income.
Compute tax liabilities and file by July 31!
Next, identify the form you have to fill. Salaried employees generally have to peruse ITR 1, ITR 2, ITR 2A, Form 3, Form 4 or Form 4A.
Compute whether tax liabilities are higher than the TDS deposited. If yes, you would have to pay more taxes. If not, you would be eligible for a refund.
Submit the ITR form and file your returns.