Decoding Form 16: How do you file your taxes if you don't get Form 16?

It's officially tax season! With the July 31st deadline less than 30 days away, it's time to get started on your ITR, 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

What if I have Form 16?

Then you're in luck because you don't have to calculate your tax liability on your own. Form-16 offers you a comprehensive breakdown of your salary, your taxable deductions, and the TDS 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 refund due 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
  
  
• If you have changed jobs during the year, be sure to ask both your current and previous employer for Form 16.

Here's how you can download your Form-16 from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website

• Visit the TRACES site.
  
• If you are a new user, create a new account. If you are a registered user, fill in your PAN number (User ID) and password to log in.
  
• Click on Downloads and choose Form 16.
  
• Select the financial year for which you need Form 16 (in this case, FY 2023–24).
  
• Verify your PAN details.
  
• Enter your TDS receipt number and select the TDS date.
  
• Add the total TDS that has been collected from you during FY.
  
• Click on the request to download.

And your Form-16 is ready. Note that here's how you can get your TDS receipt number:

• Visit the IT e-filing portal and login to your account
  
• Select TDS.
  
• View the filed TDS option on the dashboard.
  
• Click on the token number.
  
• Download the provisional receipt.

What if you don't have Form 16?

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 :

• Download all the payslips issued by your employer during the financial year, and see your taxable income.
  
• Download Form 26AS to match tax deductions. Form 26AS can be downloaded via the IT portal.
  
• To get your Form 26AS, log on with your account credentials, go to the e-file tab, click IT returns, and select Form 26AS.
  
• Make a list of all deductions you'll claim (health, life insurance premiums, interest on home, educational loan, investments in ELSS, etc.)
  
• Include your income from other sources as well, like capital gains on the sale of shares, property etc.
  
• Check if you are eligible to claim HRA (house rent allowance), to further bring down your tax liability.
  
• Once you have figured out your tax liability, file for a refund (in case you have paid excess TDS), or pay the deficient amount.

Also Read
Wondering which ITR form is right for you? Know all about it here
Budget 2024: Increase standard deduction, exemptions and more, an aam aadmi's wishlist