Let us find out how E-filing of Income Tax Returns is performed without Form 16:
Step 1: Bring together your pay slips and find out your taxable income. Take the net salary amount from the payslips received from the employer throughout the financial year. If you have changed your jobs in between, make sure you have pay slips of both the jobs you have worked in the same fiscal year.
Step 2: Your Tax Credit or 26 – AS will let you determine the actually Tax Deduction deducted by the employer throughout the year. Match the same with your form 26 AS. If you find differences in the actual deductions and the amount that should have actually been deducted, connect with the employer immediately and get the error rectified.
Step 3: Do you stay on rent? Then don’t forget the HRA is applicable. The employees get House Rent Allowance (HRA) as a component of their salaries. One can get a deduction on the same. All that one has to do is present the rent receipts to the payroll department well in advance. However, do not worry if you haven’t submitted the same. You can claim it while filing taxes. To know more about the HRA calculations, contact ClearTax to get help from the Tax experts there.
Step 4: Claim your deductions
There are a lot of investments that aid you deduct tax. So, keep all your investment documents with you and find out what all can help you save tax. U/S 80C, investments such as Life insurance, EPF, PPF, etc., Medical insurance premium under 80D and interest on education loan under 80E and much more are tax-free. Thus, claim your deductions from the investments made. Also, make sure to claim only your PF and not the employer’s contributions made towards it.
Step 5: Income from other sources: if you have an additional revenue other than salary, do add the same to your taxable income. These may include income from rent and property, fixed deposits, etc.
Step 6: pay additional taxes if required. If there are differences in the actual tax paid and the amount payable according to Form 26AS, make the differential payment online.
Step 7: finally file your returns now. ClearTax is the best way to file tax returns online.