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Explainer: If Form-16 is not available, how to complete income tax return? You have these options

Sagar Patel

By Sagar Patel

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These tips will help you file the Income Tax Return

The last date to file income tax return is July 31, 2024. Employees get Form-16 from their employer, so they do not face any problem while filing ITR. But what should those people who do not get Form-16 do? There are many self-employed people whose Form-16 takes a long time to leave their office, so how can they file their ITR?

First of all, know that Form-16 is not a document without which you cannot file ITR. It is like a help document, which makes tax calculations easier. There are many options available…

The work will be completed through Form 26AS

The best alternative to Form 16 is Form 26AS. This is a comprehensive tax overview document containing all tax details for your respective financial year. This document, which is mandatory for filing ITR, contains a lot of important tax-related information.

You get the following information in Form-26AS.

  1. It contains the details of taxes i.e. TDS deducted from your salary. Additionally, there is also information about the tax deposited on your interest or earnings.
  2. If you have deposited any advance tax or made a direct payment on your behalf to the Income Tax Department throughout the year, this information will also be available in Form-26AS.
  3. If you have made high value transactions from any of your accounts, Form-26AS also contains the details of those high value transactions.
  4. Apart from this, if you have received any tax refund, your information will be in Form-26AS. This form also mentions taxes on mutual funds, taxes on borrowing money abroad, or taxes paid.

Annual Information Statement (AIS)

This feature has become popular recently. This can help you a lot when paying income tax. It contains details of almost all the transactions connected to your PAN card. This includes information about your savings, buying and selling of stocks, investments in mutual funds, interest on bank deposits, etc.

Other documents used in the payment of taxes.

One part of your AIS is the Tax Information Summary (TIS). ITR can also be filled with their help. The tax deduction is also written on your payroll. Which you can calculate and present your declaration.

Apart from this, you can also calculate your taxes and file income tax return with the help of receipts related to your savings, bank statements and home loan documents. However, this is more time consuming and this is where Form-16 makes your job easier.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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