Form 16, also known as salary certificate, is a tax deduction certificate provided by employers to those employees who are under the realm of taxpayer category
It’s that time of the year again when all salaried people would need to file income tax returns. Unlike the older times when filing ITR used to be a tedious process, income tax returns can be filed online within a few minutes nowadays. An important document while filing ITR is Form 16. Here are the steps of how you can upload Form 16 online and file your ITR.
Form 16, also known as salary certificate, is a tax deduction certificate provided by employers to those employees who are under the realm of taxpayer category. It contains all details about a person’s employment that would help them in filing ITR. Some of the details that are in Form 16 are—employee name, PAN of the employee and company, number of taxes paid by the employer, salary details, education cess, and surcharge amount details. An employee who doesn’t fall under the taxpayers’ category would not be issued Form 16.
While there are several websites such as Clear Tax, MyITReturn, H&R Block, and Tax Smile amongst others that might assist you in filing ITR, you can also upload Form 16 directly into the income tax website through these simple steps:
1. Fill out all the details on the website and after that Form 26AS will be generated. Fill out the details in Form 26AS. Form 26AS is another important document required to be submitted before filing Form 16. Termed as an annual statement certificate, it contains information such as tax paid by your employer, the advance tax paid by you, self-assessment tax payments, and high-value transactions done in the form of mutual funds, LIC, etc done by you.
2. After filling Form 26AS, you would need to download the ITR link and select either ITR 1 Form or ITR 2 Form depending on your salary status. ITR 1 Form is for those salaried individuals who have a total income upto Rs 50 lakh, having income from salaries, one house property, and agricultural income upto Rs 5,000 (if any). ITR 2 Form is for those salaried individuals not carrying any profession or business, have more than one house property as well as assets abroad, and an agricultural earning of more than Rs 5,000. Once you have chosen the ITR form link you are good to go to upload Form 16.
3. After downloading the ITR form, fill out all the details carefully including the details of Form 16 and Form 26AS, as well as any other income detail which is not mentioned in both forms.
4. After this, click on the ‘validate’ button and fill out all income details. Once this gets done, the payable tax amount will get calculated and displayed automatically.
5. Click on the verification tab to know how much of tax you have already paid, how much tax is required to be paid, and how much taxes will be refunded. Fill out the tab with your bank account details and declaration.
6. Following this, check the form once again, before clicking the Submit button to submit ITR online.
7. After this the ITR-V, also known as the acknowledgment and verification form will be generated and will be sent to your registered email id. Once this is done, you will receive links in your registered email id for e-verification of returns.