Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?

July 31, 2024, is the deadline for submitting Income Tax Returns (ITRs) for the Assessment Year (AY) 2024–2025. Before submitting their ITRs, salaried employees hold to person Form 16 from their employers. Pay information, Tax Deducted astatine Source (TDS) that the leader has deposited, and different information needed to correctly record the ITR are each included successful Form 16.

Although Form 16 simplifies the procedure, it is not required erstwhile completing your ITR. There are assorted alternatives to Form 16 including

Form 26AS

In India, Form 26AS is simply a indispensable papers for filing income taxes. It serves arsenic a broad overview of your taxation presumption for a peculiar fiscal year, overmuch similar a consolidated taxation recognition statement. The accusation it provides is breached down arsenic follows:

• Tax deducted astatine source: It shows the magnitude of taxation withheld from your pay, interest, and profits by galore organizations, including banks and employers.
• Advance tax: List each of the beforehand taxation payments you person made, whether they came from self-assessment oregon nonstop payment.
• High-value transactions: Reports connected circumstantial fiscal transactions you completed passim the twelvemonth are referred to arsenic high-value transactions.
• Tax refunds: Lists each of the taxation refunds you were fixed by the Department of Income Tax.
• Other tax-related details: Additional tax-related accusation connected communal funds, outstanding taxation assessments, and overseas remittances are besides mentioned.

By reviewing Form 26AS, you can:

• Verify taxation deductions: Ensure that the TDS deducted by assorted parties is accurately deposited with the government.
• Reconcile income: Match the income reported successful the signifier with your income sources to get a implicit picture.
• Prepare ITR accurately: Use the accusation to accurately record your oncome taxation return.

Overall, Form 26AS is simply a invaluable instrumentality for taxpayers successful India, providing transparency and simplifying the taxation filing process.

Annual Information Statement

In India, the Annual Information Statement (AIS) is simply a important papers for filing income taxes. An extended overview of your fiscal transactions reported by aggregate institutions implicit the people of the twelvemonth is provided by the AIS. This includes income from investments, income and purchases of stocks, communal funds, slope deposits (interest received), overseas remittances, and different sources.

You tin besides study immoderate inconsistencies successful the information displayed by utilizing the AIS. It shows the adjusted worth successful summation to the reported worth (provided by the institutions). Although the AIS has a wealthiness of information, your income taxation instrumentality is not straight prepared utilizing it.

Tax Information Summary

The Tax Information Summary (TIS), portion of the AIS, is simply a invaluable instrumentality for filing your ITR successful India. An wide summary of your income, including dividends, interest, and salary, is provided by the TIS. It shows the worth that you approved successful summation to the processed worth (after deduplication). The main intent of this signifier is to accurately pre-fill your ITR with income accusation based connected information from antithetic institutions and your comments regarding the AIS.

Salary slips

Salary slips could beryllium utile successful reconstructing your income information, peculiarly if you deficiency a Form 16 oregon are awaiting 1 from your employer. The pursuing details are usually included connected wage slips for a fixed wage play (month):

• Gross salary: The full magnitude of wealth received earlier immoderate deductions.
• Allowances: An mentation of the antithetic types of benefits received, specified arsenic conveyance allowance, dearness allowance, location rent allowance, and truthful forth. These allowances are taxable to circumstantial taxation regulations.
• Deductions: Information regarding wage deductions, including Provident Fund (PF), Employee Provident Fund (EPF) (for backstage businesses), Professional Tax, and Tax Deducted astatine Source, is provided successful this section.
• Net salary, besides known arsenic take-home salary: This is the full magnitude that is credited to your slope relationship pursuing each deductions.

Investment proofs

Investment proofs are indispensable records for filing claims for deductions connected circumstantial investments made according to circumstantial provisions of the Income Tax Act of India. Your taxable income is decreased arsenic a effect of these deductions, which lowers your taxation obligation.

The pursuing describes the cognition of concern proofs:

• Types of investments with deductions: Investments made successful beingness security premiums, EPF, unit-linked security plans (ULIPs), nationalist provident funds (PPF), national pension systems (NPS), communal funds, equity-linked savings schemes (ELSS), and different instruments are eligible for taxation breaks from the government.
• Making deduction claim: You indispensable supply impervious of concern to the Income Tax Department erstwhile filing your ITR, oregon to your leader successful the lawsuit of wage taxation deductions, to payment from the taxation advantages connected with these investments.

Bank statements 

In India, you indispensable person a slope connection to assertion involvement deductions erstwhile filing your ITR. The involvement earned connected savings accounts, fixed deposits (FDs), and different slope deposits is displayed connected slope statements. The computation of the full involvement income earned during the fiscal twelvemonth is based connected these statements. Some banks deduct TDS if involvement income reaches a circumstantial level. When you record your ITR, you tin assertion the magnitude of TDS that was deducted arsenic a taxation credit. It volition look connected your slope statement.

Home indebtedness documents

A broad investigation of the involvement paid connected your home loan implicit the people of the twelvemonth tin beryllium recovered successful your location indebtedness records. To assertion a deduction nether Income Tax Act Section 24(b), you indispensable person this information. The main magnitude repaid connected your location indebtedness mightiness besides beryllium included successful these documents. Although the main repayment is not instantly deductible, nether definite conditions it whitethorn beryllium allowed arsenic a deduction nether Section 80C of the Income Tax Act.

The conception is straightforward: While having Form 16 is beneficial, it whitethorn not ever beryllium essential. Although Form 16 streamlines the process, it's not obligatory. Simply stitchery and signifier the required documents for filing your ITR. By being proactive, you tin smoothly and efficiently record your returns, adjacent without having received Form 16 yet.

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Published: 12 Jun 2024, 03:23 PM IST