Decoding Form 16: How do you file your taxes if you don't get Form 16?
, if you haven't already. By now, most of your employers must have given you a certain Form-16, which is a crucial document you need to have handy while filing your returns. But in case you have not received Form-16 from your employer, there's no escaping filing your taxes. Let us understand how you can file your ITR, with or without Form-16
that has been deducted from your income during the year. While the first part of Form-16 contains details of your employer, (their PAN, TAN), it is the second part of Form-16 that is helpful.
Here, you'll get a snapshot of your salary, the deductions you've claimed, and your total taxable income after this. So, in case you have invested in
ELSS , paid health and life insurance premiums, or there are contributions (which you and your employer have made) to a pension scheme, they will all be mentioned in Form 16. This form will also help you see how much tax you have to pay or what is the tax refunddue to you. Long story short, you don't have to go around collecting multiple documents and calculating your tax liability yourself if you have Form 16 handy. Here are a few things you should remember about Form 16:
Generally, employers issue Form-16 before June 15th of every year
(TDS Reconciliation Analysis and Correction Enabling System) website
This is where things can get a little tricky. While you can still download Form-16, there's another, manual way to figure out your tax liability. Remember, if your annual income does not exceed the basic exemption limit (Rs 2.5 lakh under the old regime, Rs 3 lakh under the new tax regime), no TDS will be deducted, and hence, no Form 16 will be issued. Here's what you can do in case your employer does not issue a Form 16 :