How to file itr without form 16

Employer contributions such as PF etc. Tax deductions details etc. Since this information is vital for filing your Income Tax Return, don't forget to collect the salary slips from your employer. Step 2: Calculate Income f rom House Property:. If you are receiving any rental income or in case you have taken any home loan, then the same needs to be reported under the head Income from House Property.

Form ITR-1 can be used to report income from single one house property only. In case of possessing more than one house property, ITR 2 or 3 shall be furnished. Step 3: Compute Income from Capital Gains:. The gains from sales of equities or equity-oriente d mutual funds are exempted up to Rs. Information about these incomes can be obtained either from consolidated share trading statements or broker statements or contact notes.

In the case of the sale of property, the deeds will serve as a source of information to compute accurate purchase and sale prices. So, it will be advisable to keep all the sale deeds ready for current tax calculations.

Step 4: Computing Income from other sources. It generally includes income like interest from various bank deposits, fixed deposits, interest on income tax refund, winnings from lotteries, gifts etc. To know the quantum of such income one can easily refer to banks statements or Form 26AS.

Regardless of whether they are taxable or exempt, it is essential to report the income from other sources. Not reporting it can lead to future enquiries by the income tax department. The selection of the ITR form shall depend on the main source of income. So, just in the event that the Form 16 is not accessible, your annual payslip will be used to break down your salary and taxable income details. Form 26AS could let you notice that TDS has been subtracted from all your income during the year, including your salary income.

Analyzing your 26AS in depth will benefit you in two ways. You could have rendered some expenses and savings that may decrease the net taxable income. Determine all those deductions and make use of the same profit by reducing your taxes when filing an ITR. Try to remember all the streams from which you got your revenue this year. Summarize any such revenue and its quantity for the correct filing of the income tax.

It can also influence the choice of the ITR form. Once the origins of income have been defined, the deductions to be asserted, the TDS already deducted the actual calculation of the income would result in two items. Selection of the ITR type is among the most critical decisions. You could have rendered some expenses and savings that may decrease the net taxable income. Determine all those deductions and make use of the same profit by reducing your taxes when filing an ITR.

Try to remember all the streams from which you got your revenue this year. Summarize any such revenue and its quantity for the correct filing of the income tax.

It can also influence the choice of the ITR form. Once the origins of income have been defined, the deductions to be asserted, the TDS already deducted the actual calculation of the income would result in two items.

Selection of the ITR type is among the most critical decisions. It relies heavily on your streams of revenue and the amount you receive. Disclosing the accurate details in the wrong form could lead to the Return Filed being invalidated. The very last move is to plan and file your return to the Income Tax Department.