How to file Income Tax Returns Online with Form 16?
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How to file Income Tax Returns Online with Form 16?

  • Highlights

  • Form 16 certifies deduction of TDS on salary by employer

  • Form 16 contains most details necessary to file your ITR

  • Generate Form 26AS before filing ITR

  • Generate ITR-V after ITR File submission

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 employer.

Find out more about filing your ITR online with Form 16, by reading along.

What does Form 16 contain?

Form 16 is issued in accordance with provisions of the Income Tax Act, 1961. It comprises details of the amount of tax deducted at source (TDS) on salary by your employer. It also includes your salary breakup of the financial year.

Other details that you will find in Form 16 include:

  • a. Assessment Year

  • b. Name, address and PAN of the employee

  • c. Name, PAN and TAN, details of the employer/deductor

  • d. Tax deduction details

  • e. Challan No./Acknowledgement No. of the tax deposited with the government exchequer

  • f. Gross salary, net salary, details of tax deductions, allowances, and tax-saving investment

  • g. Cess levied

  • h. Surcharge amount

Thus, 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 ITR with Form 16?

Before you start to file your income tax returns, it is important to complete some preliminary tasks. If you don’t have an account with the Income Tax website already, the very first task is to get registered there. The PAN Number is your User ID, while your Date of Birth is the password.

Generating Form 26AS is the next task. The Form 26AS can be downloaded from the NSDL-TIN website. It will tell you the details of TDS 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’s a set of steps you must follow next:

Fill in the ITR form referring to Form 16

The ITR Form downloaded needs to be filled with following details. Refer to your Form 16:

  • a. Employee Name, PAN, the complete address, DOB, e-mail ID, and phone number.

  • b. Unreported details by the employer and other info can be obtained from Form 16 and Form 26AS.

  • c. Tax deduction details (amount, date etc.), Self-assessment advance Tax details, if any.

  • d. All Bank Details

 

Additional Read: How Much Income Should You Save or Invest?

Filling the Income Details

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. This section must be filled with Bank details 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.

Return e-Verification

After successful submission of ITR, the link to e-verify the details will be shown. It should be carefully checked and saved for future references.

It is important to prepare and submit your return, even if your employer didn’t deduct any tax, or failed to issue a Form 16. If you switched jobs during the year, remember to include income from all your employers, regardless of whether Form 16 was issued. If you’re 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.

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