Income Tax Return : As the new monetary year 2023-24 starts, it is the ideal opportunity for salaried people to file their income tax returns (ITR) in India. Although the salaried class frequently makes use of Form 16, it is not always required to submit an ITR.
The employee’s taxable income is detailed on Form 16, but some workers may not receive it if their salary does not count as taxable income. ITR can still be filed without Form 16 in these situations.
Form 16 is a significant archive for filing income tax returns as it gives a record of the whole pay of the individual, subtleties of allowances, TDS data, and ventures.
Using Form 26AS to file an ITR:
People who don’t have Form 16 can get data about their TDS and TCS from Form 26AS. Advance tax payments, high-value transactions, and other pertinent details are covered in this form.
Individuals will also need their salary slip, HRA slip, proof of investment under Sections 80C and 80D of the Income Tax Act, and proof of home loan payments to file ITR without Form 16.
Getting Form 26AS:
People who want to file an ITR but do not receive a salary that is taxable can go to the Income Tax website and click on the e-file portal to download Form 26AS. From that point, select the My Account Option and click on the View Form 26AS link. Click the View Time button after selecting the assessment year. At last, click on the download choice, and the Form will be downloaded.
