income tax return
The season of filing Income Tax Returns (ITR) has started and lakhs of employed employees across the country are waiting for Form 16. Form 16 is the document which the employer issues to his employees. It contains information related to the employee’s annual income, tax deducted (TDS) and other important tax related information.
However, many people have a question in their mind whether it is mandatory to have Form 16 for filing ITR. According to experts, the answer is no. Income tax return can be filed even without Form 16, but some other documents will be required for this.
If Form 16 is not received, then what documents should one resort to?
If an employee has not yet been issued Form 16 by his employer, then he can file ITR with the help of salary slip, bank statement, Form 26AS, Annual Information Statement (AIS) and documents related to tax saving investments.
On the basis of these documents, returns can be filed by collecting information about total income, tax liability and TDS. However, extra caution is required so that no mistake is made.
Why is Form 16 important?
Form 16 is considered to be the most important tax document for employed people. It contains complete details of salary, allowances, taxable income, tax exemptions and TDS deposited by the employer. This is the reason why the process of filing ITR becomes much easier after receiving Form 16.
Apart from this, with the help of Form 16, it is also easy to match the income and tax related data, which reduces the possibility of error in the return.
What is the risk in filing ITR without Form 16?
Experts say that filing ITR without Form 16 is completely legal, but if income or TDS information is entered incorrectly, a notice may come from the Income Tax Department. Apart from this, there may be delay in refund or problem in return processing.
In such a situation, if there is some delay in receiving Form 16, then it is better to contact the employer and file ITR only after matching all the tax documents. This will reduce the chances of mistakes and the return process will also be easier.
Also read-Alert for ITR filers! Income Tax Department notice may come before June 30
