Filing income tax returns (ITR) is a crucial responsibility that individuals and businesses need to fulfill annually.
While employers are yet to issue Form 16, salaried individuals can begin filing ITR for FY2022-23.
The income tax department has already made online forms available for ITR-1 & 4, containing pre-filled data for the assessment year 2023-24.
Form 16 is a certificate issued by an employer & it contains the information that one needs to file the ITR.
As per the rule, employers must issue it every year on or before 15 June of the next year.
Those looking to file ITR online & are eligible to use ITR 1 and ITR 4 forms can file ITR now.
In absence of Form 16, taxpayers can use their salary slips, along with Form 26AS, which is an annual tax statement issued by the tax department.
One can download Form 26AS from TRACES website or by using netbanking facility of authorised banks.
Salary slips contain breakdown of the salary components as well as all deductions made. Taxpayers should ensure that all details like additional income, deductions claimed on HRA, deductions under Sections 80C & 80D & others are calculated.
If the gross income, total deductions, & total TDS come out to the same amount as the one shown in Form 26AS, then taxpayers can proceed to file their ITRs even without the help of Form 16/16A.