Skip to main content

Tax Returns Filing without Form 16

 
File Returns Online


 With the tax-filing deadline closing in and no sign of Form 16 yet, it is best to gather all your documents, calculate your liability and file returns
 
Two weeks to the tax filing deadline and still have not received your Form 16? Maybe it's time you tried filing your returns without one.
 

The Income-Tax Act lays down that TDS certificate must be issued by the employer, once a year, on or before May 31 of the financial year immediately following the financial year in which tax is deducted.  If an employer fails to provide you with a Form 16 after having deducted TDS ­ the minimum penalty that the employer will pay is `100 for every day the default continues.

 

The reason for not issuing Form 16 could be many . The company might be in trouble and may not have deposited your taxes at all or the HR department may be just lazy . Whatever may be the case, there is no point running after your employer anymore since the deadline is close. You might start collecting the alternate documents that will help you calculate your tax liability and file returns. This will take some time especially if you are planning to file your returns yourself.

 

Start by familiarising yourself with the different ITR forms and the correct form for you. Most of the salaried class will be filing an ITR 1 , 2 or 2A. Form 3, 4 and 4A are for people with income from professional practice or business. If you are using the government filing site, you will have to choose and download the correct ITR.

 

The form-selection process is automated if you are filing through an online-filing platform. Next step is to get all the documents ready to calculate your taxable income.

 

Declaring your taxable income:

In absence of Form 16, your payslip is the second-best resource to calculate your income from salary . Remember to deduct the non-taxable heads such as HRA, LTA and other reimbursements from total income. If you are filing ITR2A, ITR-2 and ITR-4, you will have to provide a detailed salary schedule with a break-up of allowances that are exempt from tax along with value of perquisites. Refer to your appointment letter that gives a break-up of your CTC for details.

 

Your income should include earnings from other sources too. Interest income can be easily retrieved from your TDS certificates from bank or Form 26AS. Do not forget to declare rental income, capital gains, income from savings bank account, cash gifts above `50,000 received from a non-relative and even income exempted from tax such as dividend income.

 

Match your TDS numbers:

Form 26AS is the best source to cross-check 26AS is the best source to cross-check your entries. Your income from all the sources (including interest income where you had submitted a Form 15GH), tax deducted at source and any high-value transactions and sale of immovable property are all reflected in Form 26AS. An advance tax paid needs to be mentioned in the ITR as well. Verify your tax payment challan(s) numbers with the figures in Part D of Form 26AS.

 

Verifying all the details as per the Form 26AS is a must as many have been getting notices from the department recently where the ITR filed by the taxpayer does not match with the information available in the form.

Recheck the TDS figures carefully , if your employer is in some financial trouble. Cross-check the TAN num bers to know verify the employer and the corresponding TDS. There have been cases where the employer had deducted TDS from your salary but the same was not deposited with the government. The onus of filing correct returns is on the taxpayer.

 

If the employer has deducted tax, it must show up in your Form 26AS. If it does not, either your PAN was not correctly mentioned or the employer did not deposit the TDS. If it is the latter and the employer refuses make corrections you may have to pay tax to the government on your income yourself and later on claim from your employer. Another solution can be approaching your jurisdictional TDS Commissioner.

 

We have seen examples wherein the company immediately deposited TDS and issued Form 16 upon receipt of notice from the tax department. Nondeposit of TDS is a serious offence and can result in prosecution and rigorous imprisonment.

 

Claim the correct deductions:

If you were diligent in declaring your investments during January and February , you are perhaps well-organised already . Most of your deductions under Section 80C such as insurance premiums, mutual fund investments, PPF contribution, children's school tuition fee, are easily traceable.

 

Just get the investment proofs, add the numbers and you can fill the aggre the numbers and you can fill the aggregate as deduction under Section 80C.Remember to include your EPF contributions and investment made in NPS under Section 80C too. You can get your EPF contributions in your EPFO statement. If the employer has not provided one, just go online. All you need is account number and establishment code, which are usually mentioned at the top of your salary slip. You will also have to key-in the state where the employers' EPF trust is registered.

 

Your NPS contributions will be under two sections. Your contributions as an employee gets deduction under Section 80CCD(1), which comes under the overall `1.5 lakh limit under Section 80C. This year onwards, you can claim an additional 50,000 deduction under Section 80CCD(1b) for individual contribution, which includes any contribution made as an employee. If you contributed `50,000 or more towards NPS via salary deductions, maximise the tax benefits under both Section 80C and Section 80CCD(1b). Claim the full `50,000 under the new section first and then adjust the residual to achieve total tax deduction of `2 lakh. The contributions towards NPS by your employer is deductible under Section 80CCD(2).

If you have a home loan, principal repayments will also be added under Section 80C. Consult the loan certificate to know the break-up between your principal and interest payments.

-----------------------------------------------
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saver Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

-----------------------------------------------

Popular posts from this blog

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...

WEALTH TAX

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 WEALTH TAX   WHAT CONSTITUTES WEALTH? For wealth tax purposes, "wealth" means property , urban land, car, jewellery , yacht, boat, aircraft and cash in hand in excess of Rs 50,000. CAUTION POINT | Do not think you will have an easy escape from wealth tax by transferring your `wealth' without consideration to your spouse or minor child. Such assets will also be considered as your wealth. HOW TO DETERMINE YOUR TAXABLE WEALTH Add the taxable value of the above assets (computed as per the detailed rules for valuation) owned by you as on March 31 (for FY 2014-15, it will be March 31, 2015). In case you sold your car during the year, it will not be taxable wealth. Deduct loans if any obtained by you to acquire any of the taxable assets from the value of gross tax out for at least 300 days in a...

Equity Savings Fund

Invest Equity Savings Fund Online   The best part about these funds is that they are subject to equity fund taxation and at the same time are structured like MIP like funds . This new category, equity savings funds , offer a little of everything. They allocate money to equities & equity related instruments, and fixed income. They aim to generate returns by diversification. Such funds invest in fixed income and arbitrage to protect the investors from short term volatility and equity for capital gains. The best part of these funds is that they are subject to equity fund taxation and at the same time are structured like MIP funds.   MIP funds however are subject to debt fund taxation. Investors Equity savings funds are suitable for the following: First time investors who seek partial exposure to equity with less volatility and greater stability Investors seeking moderate capital appreciation with relatively lower risk Those wh...

How to Pick Top Performing Mutual Fund Schemes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   How to Pick Performing Schemes  Funds that continue to stay in the top grade of performance over longer periods are the ones to bet on, advise investment experts   The mutual fund performance charts of the past few months make for an impressive reading. Funds across all categories boast of stellar returns. Sample this: The mid and small cap category has averaged 77 percent return over the past 12 months, with the best fund delivering a staggering 120 percent. The tax-saving funds also average an impressive 51 percent, including a fund which has soared 92 percent. Many of the table-toppers are funds of proven quality and track record. However, there are also schemes that are not that well-known. Some of these have rarely made it to the performance charts in the past, yet, of late, they bo...

8% Government of India Bonds quick guide

For those seeking comfort in safety of returns, the Government of India issued 8% savings bond once again comes to the fore. First launched in 2003, these bonds are issued by the government with a maturity of 6 years. The bonds are available at all times with specified distributors through whom you can apply to invest in them. Here is a quick guide to what the bond offers and its features to ascertain to check for suitability. What are Government of India bonds Government of India bonds are like any other government bonds with specified rate of interest. The rate is fixed at 8% per annum paid half yearly, or you can opt for cumulative payment of interest at the end of the tenure. You can buy these bonds from State Bank of India and its associates, other nationalized banks and some private sector banks such as HDFC Bank Ltd and ICICI Bank Ltd, among others. The bonds can be bought from the offices of Stock Holding Corporation of India as well. They are available in physical form onl...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now