Once you calculate total income, the next step is to calculate the deductions under Sections 80C and 80D and others of the Income Tax Act. Income from other sources like proprietary businesses that do not need an audit, interest earned on bank deposits, mutual funds etc., should be reported in your ITR filing. However, if you own a house or earn rental income from a house, then you must report it in your ITR filing. ![]() If you have a housing loan, you can also claim deductions on the interest paid. If you pay rent, you can claim deductions, but you have to file at least one rent receipt for each quarter of the financial year. Form 16 is issued by the employer to the employee.Form 16 is a TDS certificate that. The employees receiving house rent allowance (HRA) can claim the deduction for this component. For Salaried Class, Form 16 is a very important document for ITR Filing. Form 26AS is a consolidated tax statement which contains details of TDS, tax collected at source, advance tax paid and self-assessment tax. This form can be accessed by logging in to the e-filing website. ![]() Then match this total amount with Form 26AS. ![]() The salary slips should have the details like TDS, Provident Fund deductions, basic salary, allowances and perks.Ĭalculate TDS With The Help Of Form 26AS:Ĭalculate the total amount of tax deducted by your employer/employers from the monthly salary slips. If you switched jobs in a financial year, then also include the salary received from the new employer. The ITR needs to be filed by July 31 as that deadline is not likely to be extended, according to an official.Ĭalculate Total Income: You can calculate the total income in a financial year by putting together the amounts received every month. The monthly salary slips also contain the details of all deductions. If you don't have Form 16, you can file ITR by using your salary slip. You should ensure that Form 16 is received in a valid format and check all details of the total tax deducted at the source from your salary. ![]() Still, you can file your Income Tax Return even without obtaining Form 16. If you change jobs without proper exit formalities, issuing Form 16 could also take time. In case the employer faces certain financial issues or plans to shut down the business, obtaining Form 16 could be delayed. However, at times, Form 16 is not received by employees due to multiple reasons.
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