New Delhi: The final date to file the revenue tax return (ITR) for taxpayers for the monetary yr 2021-22 (FY22) is July 31, 2022. Salaried people can use their Type 16, normally offered by the employer, to file their ITRs. Nevertheless, taxpayers also can file ITRs with out Type 16. The method, nonetheless, is complicated and takes longer than submitting it with Type 16. And that’s why, for self-employed people, incomes taxable revenue in a monetary yr, submitting ITR utilizing Type 16 is a tedious activity.
Nevertheless, fortunately, for salaried taxpayers, there may be one other method to file ITR with out the necessity for Type 16. The tactic normally comes into motion when the employer fails to offer Type 16 to its taxpaying workers on time. (ALSO READ: ITR Submitting for monetary yr 2021-22: Here is what occurs should you do not file revenue tax returns on July 30)
On this choice, taxpayers can file their ITRs by merely utilizing their payslips. Utilizing the tactic includes Type 26 as, which is a consolidated yearly tax assertion that features data on self-assessment tax, advance tax paid by the assessee, tax deducted at supply, and tax collected at supply. In easy phrases, the choice will even enable you to in getting the main points of your gross wage break-up, majorly exemptions, and deductions. (ALSO READ: ITR Submitting for monetary yr 2021-22: Submitting ITR with a number of Type 16? Right here’s how one can do it)
Taxpayers are required to enter the data from all of the wage slips whereas submitting Type 26as. It’s advisable to cross-check the data twice to verify all the main points are matching.
Positive For Lacking ITR Submitting Deadline
The high quality for failing to submit revenue tax returns by the deadline is Rs 5,000. Beforehand, the tax authorities may need fined defaulters as much as Rs 10,000. For the 2020–21 analysis yr, the high quality was lowered to Rs 5000. Nevertheless, for these incomes much less wage, the high quality is even much less; round Rs 1000.