If you do not have Form 16, you could still use alternative documents such as salary clips, Form 26AS, and proof of investments to file ITR.
As a salaried person, the first step to filing your tax returns is to get your Form 16 from your employer. A Form 16 is essentially a tax deducted at source (TDS) certificate that outlines your taxable income and your TDS. You would get your Form 16 mainly from your employer. In the event you do not get your Form 16 from any source, you need not worry. You could still file your income tax return yourself.
“If you don’t have Form 16, you can still file your income tax return by using your salary slips and Form 26AS to calculate your total income and the tax deducted. Salary slips provide details of your earnings and deductions, while Form 26AS provides a summary of taxes deducted and deposited against your PAN,” says a tax expert, Cleartax. Other than Form 16, here are ways you can file your income tax returns:
1) Form 26AS
Form 26AS contains details of tax deducted at source (TDS), tax collected at source (TCS), and advance tax paid during the financial year. This form is essential as it helps you verify the taxes deducted and deposited by your employer, banks, and other entities.
“If you find any discrepancy in the amount displayed in Form 26AS, then you must notify the tax deductor/collector and ask him to rectify it. Income-tax dept. only consider Form 26AS while giving TDS credit to you. Thus, the Income-tax dept. might deny the benefit of the TDS claim in Income Tax Return (ITR) if the same is missing in Form 26AS,” says Rahul Singh, senior manager, Taxmann, tax and corporate advisor.
2) Annual Information Statement
Annual Information Statement (AIS) is an enhanced version of Form 26AS. While Form 26AS provides details of TDS, TCS, and taxes for the financial year, AIS offers a more comprehensive view. It includes savings account interest, dividends, rental income, purchase and sale transactions of securities and immovable properties, foreign remittances, interest on deposits, GST turnover, and more.
“Checking your AIS while filing your ITR is crucial to ensure accuracy and avoid income discrepancies. This helps ensure everything is correct, and you haven't missed any income sources. If you see something on the AIS that isn't right, you can submit feedback for the corrections,” adds Singh.
3) Profit And Loss Statement From Stock Broker
“The AIS only displays the value of securities bought or sold by the taxpayer, without indicating the gain or loss incurred during the financial year. Therefore, obtaining a Profit & Loss (P&L) statement from your stock broker is essential to accurately determine the gains or losses from the sale of shares or mutual funds,” says Singh.
4) House Loan Statements
To claim deductions on home loan interest under Section 24(b) or principal repayment under Section 80C, you'll need to obtain your loan statement to accurately determine the amounts repaid for principal and interest. These details are not reflected in the AIS.
5) Acknowledgement Slip Of Donation Made To Political Parties
Section 80GGC allows for a deduction for contributions to a political party or electoral trust. The ITR forms applicable for Assessment Year 2024-25 include a new Schedule 80GGC, which requires the furnishing of the following details:
Date of contribution
Contribution amount (with a breakdown of contributions made in cash and other modes)
Eligible contribution amount
Transaction reference number for UPI transfer or cheque number/IMPS/NEFT/RTGS
IFS code of the bank
Unlike in the previous ITR forms, the ITR forms for AY 2024-25 require disclosing additional information beyond just the amount eligible for deduction under Section 80GGC. Therefore, obtaining acknowledgement slips for donations made to political parties is essential to get the required details to fill in ITR forms.