The responsibility for deducting tax on salaries and issuing corresponding TDS certificates falls on the employer. However, even if your employer fails to issue Form 16, you must file and pay taxes if your annual income is above the minimum threshold of Rs. 3 Lakhs (new regime). According to the provisions of the Income Tax Act of 1961, you can use other alternative documents to compute your annual taxable income and file returns. This article outlines the documents needed to file ITR without Form 16.
List of documents needed to file ITR without Form 16
- Salary slips for the relevant fiscal year
Your salary slips can help you compute your total salary income for the given financial year. Your salary slips will shed light on important details like your gross salary, exempt allowances, deductions, perquisites, arrears received, professional tax, employer contributions like PF, and tax deduction details. All this information is crucial to file returns without Form 16. If you have switched jobs in the last financial year, make sure to collect your payslips from past employers as well.
- Bank statements and FD certificates
Submitting bank statements is crucial to help prove your annual taxable income. Your bank statements offer insights into salary earnings deposited directly into the account as well as other incomes like interest earnings on savings account balances. Interest on FDs is also fully taxable and must be added to your total annual income. You can find the relevant interest income information on your bank/NBFC FD interest certificate.
- Proof of HRA and LTA
Employees generally have a house rent allowance or HRA component included in their salary structure. To claim your HRA benefits, you need to submit your rent receipts to the payroll department in advance. Alternatively, you can also claim it while filing your taxes. Companies also offer LTA or leave travel allowance to employees. To claim LTA allowance, you have to submit proof of travel documents like tickets, leave approval, LTA travel form, etc. Keep these proofs handy to claim deductions on your salary and reach the taxable income.
- Home loan statements
If you have availed of a home loan, keep the home loan statement handy. Since the loan statement highlights the principal and interest on the loan, you can use it to claim deductions of up to Rs. 2 Lakhs on the loan’s interest component u/s 24(b).
- Form 26AS
Form 26AS is a composite annual tax statement that outlines the TDS and TCS collected on all incomes traceable against your PAN. You can download this form from the e-filing portal to check the TDS amount collected against the one mentioned on the form to identify errors or discrepancies.
- Proof of investments
Keep proof of tax-saving investments handy to claim applicable deductions. In other words, you should have documents proving PPF contributions, ELSS investments, life insurance and health insurance policy documents, and other applicable investment certificates. With valid proof of investments, you can claim deductions under relevant sections like Section 80(C), 80(D), and others.
- AIS
AIS or Annual Income Statement is an extension of Form 26AS and includes details on aspects like savings account interest, rent received, dividends earned, foreign remittances, and transactions of securities/movable properties, etc. AIS also contains the TIS or Taxpayer Information Summary which is an aggregated category-wise summary of all your tax payment information. In other words, it includes details like tax returns filed, taxes paid, refunds received, etc. You can access AIS through the e-filing portal.
Conclusion
Gathering documents like your salary slips, bank statements, HRA and LTA proofs, home loan statements, investment proofs, and AIS can help streamline the process of filing returns. In the absence of Form 16, you can use Form 26AS to verify TDS deducted and file your ITR without any hassles. Moreover, you should keep invoices for high-value purchases made from various online marketplaces and offline stores. Keeping these essential documents handy will help you easily assess your tax liability to pay dues or claim returns at the earliest.
