Not got the Form 16 from your employer? You can still file your returns following all these steps and complete the e-filing procedure as mentioned thereon.
1) Get all your Pay Slips: Accumulate all the pay slips for a particular financial year, even if you have switched job in between.
2) Compute your total salary income: Calculate your gross total salary. However, employer’s PF contribution will not be considered while calculating the taxable salary but your own contribution will be
3) Know how much tax is deducted: To check the deduction of the amount, you have to refer to Form 26AS. The deducted on the Form 26AS has to be same as your employer has mentioned in pay slips.
4) Transport and Medical Allowances: If you are getting these allowances, you can get exemption up to Rs 34,200 (Transport Allowance Rs 19,200 and Medical Allowance Rs 15,000 annually) while doing the computation of your income tax. However, from next financial year, one may be able to take the benefit of the standard deduction for Rs 40,000 in lieu of the existing transport allowance and medical expense reimbursement.
5) Claim HRA and other exempt allowance: You can reduce your tax liability by claiming HRA exemption. You should also compute exempt allowances like conveyance, children education and hostel allowance, food coupons etc. from your taxable salary.
6) Claim deductions under Section 80C: If you have invested in any specified instruments under Section 80C of the Income Tax Act, you can claim deduction which can add up to Rs 2 lakh (including Rs 50,000 under 80CC D 1B).
7) Declare income from other sources: Any other income earned such as rental income, part-time business as well as interest earned on fixed deposits will come under total taxable income.
8) Compute net taxable income: You need to calculate your exact income tax on the taxable income as per the income tax slab rates declared for that financial year.
9) Pay additional tax if necessary: Once the calculation of tax payable is done, you need to find out that the amount of tax paid by you. If it is less than the amount mentioned in Form 26AS then you need to pay the excess amount.
10) E-file your ITR without Form 16: Once all your tax dues or the differential amount has been paid off and everything matches as per Form 26AS, you can then e-file your tax returns without Form 16.