5 Must Have Documents In Case You’ve Lost Form-16 Copy
Income tax filing season is approaching near and the employees have started receiving Form-16 from the HR department. Those who haven’t received it till now, there are likely chances that your employer hasn’t filed his TDS returns yet. Once the return is filed, the employer will be able to issue Form-16 to you.
Also, since the government has extended the due date of issuing Form-16 for FY 2018-19 (AY 2019-20) till July 10, 2019, there can be some further delay in receiving Form-16.
Nevertheless, Form-16 is a crucial document for employees to file their income tax returns. It shows the amount of TDS deducted and deposited by the employer to the government on account of the salary paid to an employee during the year.
Also, Part-B of the Form-16 shows the breakup of the total salary (including allowances and exemptions), etc. It also provides the calculation of “taxable income” and TDS amount computed by the employer.
What to do if you misplaced your Form-16 somewhere?
Did you erroneously delete the mail which contained Form-16 received from the HR Department? Don’t panic! Request your HR manager/ department to mail you a copy of Form-16 once again.
What if the employer never issued Form-16? / if HR is unable to remail you Form-16?
Did your employer deny issuing you Form-16? OR, can’t your HR department retrieve the Form-16 copy?
In such cases, you have to file your income tax return without referring to Form-16. However, it isn’t as difficult as it looks. With little prudence and help of a tax consultant, you can calculate the taxable income and taxes on your own and file the returns.
What documents do you need to calculate the taxes?
For calculating various figures and obtaining taxable income and taxes, you should collect the following main documents –
Form 26AS – It shows the TDS deducted and deposited by your employer with the Govt. against your PAN number in a particular FY. Also, if you are earning interest from a bank or any freelance income from part-time gigs, and the bank or your client has deducted TDS while paying to you, Form 26AS will display those amounts as well. You can download Form 26AS from www.incometaxindiaefiling.gov.in and to know more about Form 26AS and to know why is it important, Click Here.
Payslips – A payslip issued by the employer every month shows the detailed breakup of salary and deductions, which helps in the calculation of net income for the entire year.
Bank Statement – Any additional income such as saving bank interest, dividend income or income from a client for freelance gigs can be retrieved by scanning through the bank statement. Remember, you have to pay taxes on all the incomes earned throughout the year, and not just salary income.
Tax saving investment/ expenses proofs – Do you pay LIC premium for yourself or your family? If you have kids, do you pay their school fees? Congrats, all these expenses are eligible to be reduced from your income as ‘deductions’. However, you should have a valid proof/ receipt for these deductions. You should also refer to rent receipts for calculating exempt HRA.
Loan certificates – Education or home loan can also help you in saving taxes. Hence, you should ask for the certificates from the loan providers to calculate the amount of interest and the principal amount repaid during the year.
If you lose Form-16 copy, these documents can come handy in reaching the desired figures and file the income tax return effortlessly.
However, since the calculation involves thorough knowledge of deductions, allowances, and benefits provided by the income tax act, you should consult a tax professional to derive at the accurate figures. Always remember –
“An apple a day keeps a doctor away; consulting a professional can keep the penalties away.”
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