Income Tax Return Filing 2024: File tax returns without Form 16 before ITR deadline | Here’s how

financialexpress.com:

ITR Filing without Form 16: Almost all salaried taxpayers wait for their employers to hand over Form 16 to them for filing income tax return (ITR). Though Form 16 makes it easier to file tax returns for salaried taxpayers, ITR filing is possible even without Form 16 if you have with you other documents like salary slips and Form 26AS.

You can also use Annual Information System (AIS)/Tax Information Summary (TIS) for more details on financial transactions done during the fiscal year to file tax returns. First, you should know about these documents and utilities which will help you file income tax returns in the absence of Form 16.

Form 16 is a certificate issued to you by your employer upon deduction of tax during a financial year from your salary. Simply put, Form 16 confirms that the Tax Deducted at Source (TDS) has been deposited with the income tax department on your behalf.

Form 26AS offers a comprehensive overview of your financial activities during a specific year, extending beyond just TDS and TCS (tax collected at source) transactions. It acts as evidence of income and tax payments, associated with your PAN number.

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AIS is the extension of Form 26AS, showing details of property transactions, high-value investments and TDS/TCS transactions made during the financial year. Further, AIS includes savings account interest, dividend, rent received, purchase and sale transactions of securities/immovable properties, foreign remittances, interest on deposits, GST turnover etc. AIS presents both the reported value and the modified value, reflecting adjustments made based on taxpayer feedback.

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