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 wait to receive Form 16 from their employers. Pay information, Tax Deducted at Source (TDS) that the employer has deposited, and other data needed to correctly file the ITR are all included in Form 16.
Although Form 16 simplifies the procedure, it is not required when completing your ITR. There are various alternatives to Form 16 including
In India, Form 26AS is a necessary document for filing income taxes. It serves as a comprehensive overview of your tax status for a particular fiscal year, much like a consolidated tax credit statement. The information it provides is broken down as follows:
By reviewing Form 26AS, you can:
Overall, Form 26AS is a valuable tool for taxpayers in India, providing transparency and simplifying the tax filing process.
In India, the Annual Information Statement (AIS) is a crucial document for filing income taxes. An extensive overview of your financial transactions reported by multiple institutions over the course of the year is provided by the AIS. This includes income from investments, sales and purchases of stocks, mutual funds, bank deposits (interest received), overseas remittances, and other sources.
You can also report any inconsistencies in the data displayed by using the AIS. It shows the adjusted value in addition to the reported value (provided by the institutions). Although the AIS has a wealth of information, your income tax return is not directly prepared using it.
The Tax Information Summary (TIS), part of the AIS, is a valuable tool for filing your ITR in India. An overall summary of your income, including dividends,
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