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

BHIM App

What is BHIM? BHIM stands for Bharat Interface for Money , which is an easy way of transferring money from one bank account to an other via a smartphone using the Unified Payments Interface (UPI) platform . It is an instant payments application meant for sending money as well as requesting for payments. How is it different from UPI? BHIM is no different than UPI. But in the case of BHIM, customers don't have to download mobile applications of multiple banks, instead a single BHIM app downloaded from Android Play Store is sufficient. Other than that, payments can be made through a virtual payments ID or through account number and IFS code, same as UPI. What you need to use BHIM? BHIM can be used across an droid smartphones with version 4.0 and above, also it will be made available on iPhones and Windows smartphones very soon. Further, for feature phone users they need to use the USSD feature by dial ing *99#. Why was the need for BHIM felt when UPI is already in place? With various...

NPS for Tax Saving

The NPS is a great way to save tax if you don't mind locking in your money till you retire. Till last year, the taxability of the NPS was a big issue. But last year's Budget changed the rules and made 40% of the corpus tax free. The PFRDA wants that the balance 60% to be exempt from tax as well. The emphasis is on increasing pension coverage. So, allowing EEE status (to NPS ) is our major demand (in the Budget NPS is especially useful for investors who may have exhausted the `1.5 lakh investment limit under Section 80C but want to save more.   Another way the NPS can cut tax is by rejigging the salary.If a company deposits up to 10% of the basic salary of an employee in the NPS under Section 80CCD(2d), the amount will be tax free. Turn to page 28 to see how much tax this can save. However, the take-home pay of the employee will come down. Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 10 Tax...

Retirement planning from a long-term perspective

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds     `HOW green was my valley'. This title comes from a movie I had watched many years ago. A little boy's journey into adulthood and the story of a Welsh valley's turn of-the-century descent from pristine paradise to despoiled coal mining.   I thought of the title because it is comparatively reflective of a person's life ­ the glorious years when he is earning and the sun down years when he is not having his regular job and, hence, his living standards comes down. The reason is a combination of things. Inflation of food items, transport, increase in health related costs in the later years of life and increase in expenses in almost all basic amenities of life. In India, the social security system is almost non-existent. In some states, wherever it is available, the scales of benefits are extremely modest...

SBI Long Term Advantage Fund Series

Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 10 Tax Saver Mutual Funds for 2017 - 2018 Best 10 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. ICICI Prudential Long Term Equity Fund 5. Birla Sun Life Tax Relief 96 6. Franklin India TaxShield  7. Reliance Tax Saver (ELSS) Fund 8. BNP Paribas Long Term Equity Fund 9. Axis Tax Saver Fund 10. Birla Sun Life Tax Plan Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave your comment with mail ID and we will answer them OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com OR Call us on 94 8300 8300  

ELSS Funds are Best Tax Saving Option

Equity-linked saving schemes (ELSS) are the best way to save tax in 2017 . The Economic Times assessed 10 tax-saving options on eight key parameters, including returns, safety , liquidity , costs, transparency , flexibility , ease of investment and taxability of income. ELSS funds scored highest, followed by the National Pension System (NPS) and Ulips at the second and third place, respectively . The terrific returns generated by ELSS (CAGR of 18.7% in past three years and 17.46% in past five years) are not the only plus point of these funds. Their costs are very low (2.52.75% a year) and all charges, portfolios and transactions are in the public domain. Returns are tax free because long-term capital gains from equity funds are exempt and they have the shortest lock-in period of three years. Investing in ELSS funds has now become very easy with the launch of the e-KYC facility . The whole process does not take more than 30-35 minutes. The Pension Fund Regulatory and Development Aut...
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