Income Tax News: Salary earners are able to file their Income Tax Returns (ITR) without Form 16, even though it is an essential document for tax filing. The following are some dos and don’ts for easy filing.
What To Do
Use Alternative Documents
Pay slips, bank statements, rent receipts, and Form 26AS are substitute documents that salaried individuals can use in place of Form 16 to calculate their taxable income.
Verify Form 26AS
Check Form 26AS, which provides information about taxes deducted at source (TDS) from interest income, salaries, and other sources. You can obtain this through your net banking login or the website of the income tax department.
What Not To Do
Ignore Other Documents
Don’t rely on Form 16 alone. Make sure you collect all the paperwork required to determine your taxable income and submit a claim for deductions.
Delay Filing
Do not put off filing, particularly if you are missing Form 16. If you wait until the last minute, your tax return can contain mistakes or omissions.
Alternative Documents for Filing Taxes
Although Form 16 makes filing taxes easier for salaried individuals by giving information about income and tax deductions, it is not the only form that may be utilised. Salaried individuals can successfully file their Income Tax Returns without Form 16 by using substitute papers and adhering to the aforementioned dos and don’ts.
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