It’s that time of year again when all employees have to file a tax return. Unlike the days when filing an ITR was a tedious process, tax returns can be filed online in minutes these days. An important document when filing the ITR is the Form 16. Here are the steps to download the Form 16 online and file your ITR.
What is Form 16?
Form 16, also known as a salary certificate, is a tax deduction certificate provided by employers to employees who fall under the taxpayer category. It contains all the employment details of a person that would help them file an ITR. Some of the details that are included in the Form 16 are employee name, employee and company PAN, number of taxes paid by employer, salary details, education expenses and details of the surcharge amount. An employee who does not fall under the taxpayer category would not receive the Form 16.
How can you download Form 16 online and file ITR
While there are several websites such as Clear Tax, MyITReturn, H&R Block, and Tax Smile, among others, that could help you file an ITR, you can also download Form 16 directly from the Tax website. income by following these simple steps:
1. Fill in all the details on the website and after that Form 26AS will be generated. Fill in the details in Form 26AS. Form 26AS is another important document that must be submitted before filing Form 16. Called Annual Return Certificate, it contains information such as tax paid by your employer, withholding tax you paid, payments self-assessment tax and high values. transactions made in the form of mutual funds, LIC, etc. made by you.
2. After completing the 26AS form, you will need to download the ITR link and select ITR Form 1 or ITR Form 2 depending on your salary status. The ITR 1 form is for salaried persons who have a total income of up to Rs 50 lakh, having income from wages, home ownership and agricultural income up to Rs 5,000 (if applicable). The ITR 2 form is intended for salaried persons not exercising any profession or business, having more than one real estate property as well as assets abroad and an agricultural income greater than Rs 5,000. Once you have chosen the link of the ITR form, you can download form 16.
3. After uploading the ITR form, carefully fill in all the details including Form 16 and Form 26AS details and any other income details not mentioned in both forms.
4. After that, click on the “Validate” button and fill in all the income details. Once done, the tax amount to be paid will be calculated and displayed automatically.
5. Click the verification tab to find out how much tax you have already paid, how much tax needs to be paid, and how much tax will be refunded. Fill in the tab with your bank details and your statement.
6. Next, check the form again before clicking the submit button to submit the ITR online.
7. After that, the ITR-V, also known as Acknowledgment and Verification Form, will be generated and sent to your registered email address. Once done, you will receive links in your registered email id for electronic returns verification.