The deadline for filing Income Tax Returns (ITRs) for the fiscal year 2022-23 is July 31. It is mandatory to file tax returns by this deadline to avoid incurring late filing charges of Rs 5,000 and to ensure eligibility for carrying forward certain types of losses.
Form 16 serves as a TDS Certificate issued by the employer, indicating the deduction of TDS while making payments to employees. When filing your income tax return, it is crucial to ensure that the Form 16 you use is valid and in an acceptable format. Once you receive a TDS certificate, it is important to verify its validity.
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If you need to file your income tax return without Form 16, follow these steps:
Calculate income from salary: Compile the net salary from all payslips received from your employer during the financial year, including payslips from all employers if you switched jobs. This should include gross salary, perquisites value, professional tax, allowances exempted under Section 10, and entertainment allowance. Also, consider the details of TDS and provident fund deductions mentioned in the salary slip.
Calculate TDS deducted on Form 26AS: Determine the TDS deducted by your employer throughout the year and compare it with the amount mentioned in your Form 26AS. Form 26AS provides information about TDS deducted from all income sources, including salary income.
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Calculate income from house property: If you receive House Rent Allowance (HRA), submit your rent receipts to your payroll department to claim the HRA deduction. Additionally, if you have a home loan and pay interest on it, you can claim a deduction under the respective head.
Calculate income from other sources: Calculate income earned from other sources, such as interest on bank deposits or income tax refunds. Including any income from sources other than your salary, such as interest on Fixed Deposits or rental income from properties you own.
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Claim deductions: Claim deductions under relevant sections like 80C, 80D, and 80G, adhering to specified limits. These deductions cover areas like Provident Fund contributions, medical insurance premiums, and charitable donations.
After ensuring that the taxes paid match the taxes payable, proceed to file your ITR online. Refer to a step-by-step guide to file ITR online for assistance.
