Filing Income Tax Returns online for the first time can appear tricky, but when you are aware of the procedures for filing returns, you can make it a matter of just a few minutes. Form 16 is very important for filing returns as it certifies the deduction of ‘tax deducted at source’ on the salary by the employer.
Find out more about filing your ITR online with Form 16, by reading along. You can use our income tax calculator to calculate your tax liability on your taxable income.
Form 16 for Income Tax Return filing
Form 16 is issued in accordance with provisions of the Income Tax Act, 1961. It contains details of the amount of tax deducted at source (TDS) on salary by your employer. It also includes your salary breakup for the financial year. Other details included in Form 16 are:
- Assessment year
- Name, address, and PAN of the employee
- Name, PAN, and TAN, details of the employer/ deductor
tax deduction details
- Challan No./ Acknowledgement No. of the tax deposited with the government exchequer
- Gross salary, net salary, details of tax deductions, allowances, and tax-saving investment
- Cess levied
- Surcharge amount
Form 16 contains most of the details that are necessary to file your ITR. However, when reporting income from sources other than salary, you may have to refer to Form 16A and Form 16B.
Additional Read: What is the difference between Form 16, Form 16A, and Form 16B
How to file Income Tax Returns online with Form 16
Before you start to file your Income Tax Return, it is important to complete some preliminary tasks. If you do not have an account with the income-tax website already, the first task is to register there. The PAN number is your user ID, while your date of birth is the password.
Additional Read: What is a TDS certificate
Generating Form 26AS is the next task. Form 26AS can be downloaded from the TIN-NSDL website. It will tell you the TDS details on various incomes (including salary and returns on investments, rent, or property sale). Now download the ITR 1 Form by logging into the Income tax website if your income from your salary/ pension for the financial year is below Rs. 50 lakh. Download ITR 2 in case your income from salary/ pension for the financial year is above Rs. 50 lakh.
Here are the steps you must follow next:
How to fill Form 16 for ITR online
The ITR Form downloaded needs to be filled with the following details. Refer to your Form 16:
- Employee name, PAN, complete address, date of birth, email ID, and phone number
- Tax deduction details (amount, date, etc.), self-assessment, and advance tax details, if any
Additional Read: Why Form 16 is required
Filling details regarding income
After filling the ITR Form, you must fill in the income details and provide the validation with the help of the required set of documents.
Tax liability calculation
Once the income details have been included, the system will automatically calculate the tax liability. If not done, the tax details will have to be inserted manually.
Tax paid and verification tabs
A tab will show the tax paid, to be paid, or to be refunded. You need to fill in the bank details here, and the declaration must be verified.
ITR file submission
The details inserted should be carefully re-checked and then the file should be uploaded by clicking the button below.
Generating the ITR-V
The ITR-V will be generated and sent to the given email ID automatically. The ITR-V is an acknowledgement and verification document.
After successful submission of ITR, the link to e-Verify the details will appear. You need to check it and save it for future reference.
It is essential to prepare and submit your return, even if your employer did not deduct any tax or failed to issue a Form 16. If you switched jobs during the year, remind yourself to include income from all your employers, regardless of whether Form 16 was issued. If you are a self-employed individual, you may not be able to acquire Form 16. In such a scenario, you must submit your ITR and show it as your income proof.
Additional Read: Various uses of Form 16
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