Tax filing time for Assessment Year 2016-2017 is here. July 31 is the last date to file your taxes. In essence, the scramble has begun among the working folk to get their Form 16 and other investment proofs to ensure they save as much tax as possible. However, what if you are the one who does not have a Form 16 to begin with? Now now, you may think you will have to run around extra to file taxes. That may even be true. However, there is a way for you to file taxes even if you do not have a Form 16 with you. Read on to know how to file taxes without Form 16.
File Taxes Without Form 16 – Steps
- The first step to help you file taxes without form 16 entails accumulating all your payslips. This will help you know your taxable income.
- The next step requires you to use Form 26AS. This form helps you know all the tax-related information that you require. Using this and all your payslips, you can know how much TDS has your employer deducted from your salary till date.
- The next step entails you to compute your tax deductions. For this, you will have to gather all your investment proofs and then calculate the applicable tax deductions.
- In case you get income from other sources such as working part-time for another concern, now is the time to include that income to calculate your taxes.
- Now that you have all your income and investment proofs, you should identify the form you need to fill. This is a crucial step when you have to file taxes without form 16. Picking the wrong form means you will have to fill another form.
- This step is crucial and can be performed while filling the income tax form. You have to now calculate the amount of tax you need to pay. This will be in addition to the TDS that has already been deducted from your salary.
- Now that you have done all the hard work, all you have to do is submit the form and verify your taxes online.
File Taxes Without Form 16 – Conclusion
A Form 16 is something every company should provide its employees. However, the less we talk about our taxation rules and regulations, the better. However, this does not mean you cannot file taxes. Yes, you will have to encounter a bit of hassle. In the absence of a Form 16, that is just a minor inconvenience. The truth is that you can still pay taxes and avoid the tax men to come up at your doorstep. Is that not worth a bit of hassle sometimes?