As the income tax filing season gathers pace, millions of salaried Indian taxpayers are anxiously awaiting Form 16 from their employers. But a delayed or missing Form 16 does not mean you have to postpone filing your Income Tax Return (ITR).
Experts say taxpayers can still complete their returns accurately using alternative documents such as Form 26AS, the Annual Information Statement (AIS), salary slips and bank statements, provided they carefully reconcile their income and tax details.
Here's what you need to know.
What Is Form 16 and Why Does It Matter
Form 16 is a certificate your employer issues that summarises your salary and the tax deducted at source (TDS) on your behalf.
It is a ready-made summary that makes filing your Income Tax Return (ITR) smooth.
While most employers issue Form 16 by mid-June, it is not a strict legal requirement for filing your ITR.
ALSO READ | Got Your Form 16? Things You Should Do Next: A Step-By-Step Guide
What Documents Do You Need If You Don't Have Form 16
Even without Form 16, you can still file your ITR on time using Form 26AS, salary slips, bank statements, and your PAN and Aadhaar.
Here is what each document does for you:
- Salary slips — Add up your monthly gross salary, allowances, and deductions across all 12 months.
- Form 26AS — A tax credit statement that reflects your income and all TDS deducted throughout the financial year. Download it from the Income Tax e-filing portal.
- Annual Information Statement (AIS) — Confirms whether the tax deducted from your salary has actually been deposited with the government, and also tracks interest income from savings accounts and fixed deposits.
Risks of Filing Without Form 16
Getting the numbers wrong is the biggest danger. Common errors include:
- Forgetting to cross-check Form 26AS and AIS
- Not reporting freelance income or interest income
- Claiming deductions without proper proof
If you file and miss something, the Income Tax Department can send a scrutiny notice asking you to explain the mismatch.
In some cases, failing to file or providing incorrect information can lead to penalties and even legal trouble.
What Is the Deadline
The ITR filing last date for individuals not subject to tax audit is July 31.
Pro tip: Don't miss it. Missing this deadline can lead to interest charges under Section 234A and a late filing fee of up to Rs 5,000 under Section 234F.
If you still miss the due date, you can file a belated return until Dec. 31.
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