ITR Filing: Now you can file ITR even without Form 16, know the easy way

ITR Filing: It is now possible to file Income Tax Return (ITR) even without Form 16. Employees can easily file ITR after receiving digital Form 16 or even without it by filling in their income, deductions and TDS details directly on the government’s e-filing website.

ITR Filing: In the old days when companies used to pay salaries to their employees, every year by the time June came, a “Form 16” envelope was also handed over. But now that era is over. Now to file ITR i.e. Income Tax Return, you neither need a printed Form 16, nor do you need to go to the Income Tax Office with it in hand.

What is the role of Form 16 in the digital era?

Now Form 16 is available digitally and is generated directly from the Income Tax Department’s TRACES portal. This means that its data is absolutely confirmed and reliable. It already contains complete information about your yearly salary, tax deduction (TDS) and all the tax-saving investments made. Usually companies issue Form 16 after June 15, only after that you can file your ITR.

Method 1: If you have Form 16, then you can go to any trusted tax filing platform (like ClearTax, TaxBuddy etc.) and upload it. These platforms read all your data and fill the return in a few minutes. Yes, there is some fee for this.

Method 2: File ITR without Form 16 – absolutely free

Now the question arises that if you do not have Form 16, or you do not want to pay the fee, then what to do?

You can file ITR directly by visiting the Income Tax Department’s e-filing website https://www.incometax.gov.in — that too without any charge. Just log in, choose your tax regime (old or new), select the correct ITR form, and follow the step-by-step guide. Most of the data will be pre-filled, such as salary, TDS, bank interest, etc. All you have to do is cross-check it — and this is where Form 16 can prove to be helpful.

But be careful…

If you have income from multiple sources such as freelancing, rent, stock market or foreign income and you have difficulty understanding the ITR form or tax calculation, then it would be better to take the help of a Chartered Accountant (CA) or tax professional.

The post ITR Filing: Now you can file ITR even without Form 16, know the easy way first appeared on informalnewz.

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