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How to file ITR with Form 16?

Income tax returns (ITR) are filed during every assessment year, wherein you declare your income from different sources and calculate your tax liability for the financial year. The ITR contains the details of your income, the deductions and exemptions availed on them, like life insurance premiums and benefits. Tax liability is calculated depending on your tax slab.

Investment plans also act as tax-planning tools, as many avenues help reduce tax liability. There are different types of investment plans, and by choosing the right one, you can invest according to your needs and grow your savings.Read Less

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Written ByPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
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Filing income tax return has been made online, wherein you can file your tax return directly through the portal of the income tax department. If you are a salaried employee, your Form 16 issued by the employer can serve as an important document in filing your ITR. Let’s understand how –

 

What is Form 16?

 

Form 16 contains Part A, Part B and Form 12BA.

As per section 203 of the Income Tax Act, 1961, an employer is mandated to issue Form 16 to the employee, showing the total TDS that is deducted on income1. The employer deducts TDS from the employee’s salary and deposits the TDS to the government on behalf of the employee. Form 16 Part A contains the details of this TDS deducted, i.e., the date of deduction, the amount of deduction, etc.

Besides the details of the TDS, Form 16 Part B contains gross taxable salary which contains taxable salary, taxable perquisite as per Form 12BA.

Form 12BA contains the details of the salary of the employee, i.e., the breakdown of the salary structure, taxable perquisite and tax free allowances.

Form 16 is also known as the Salary TDS Certificate and serves as an income proof in financial transactions.

 

How does Form 16 help in filing ITR?

 

Since Form 16 contains the details of your salary income and the TDS already deducted from the same, it further simplifies the tax filing process. It shows you the aggregate salary income, exempt allowances and taxable salary which should be charged under the head ‘Income from Salary’. Moreover, when you calculate your overall tax liability, you can account for the TDS already deducted from the salary income. This can help you determine whether you have any additional tax liability or you are eligible for a refund.

 

How to file an income tax return using Form 16?

 

Now that you know what form 16 is and its importance in tax filing, let’s understand the process of filing your ITR using it. The process starts with logging into your account on the e-portal of the income tax department. If you are a first-time taxpayer, you would have to register yourself with your PAN, before starting the tax filing process. Once you are logged in into your account, here’s how you file your returns2 -

 

Offline method

 

For the offline mode, you would have to download the applicable ITR from the income tax portal. Fill out the form offline and save the XML file that will be generated. Then upload the saved XML file to your account. To do so, you would need to download either the Excel Utility or the Java Utility. Here’s the step-by-step process –

  • Visit https://www.incometax.gov.in/iec/foportal/. Click on ‘Downloads’ and then on ‘IT Return Preparation Software’.
  • Download the ZIP file and extract the utility.
  • Fill in the relevant fields in the ITR using Form 16 and the deductions that you can claim for life insurance premiums and other Sections.
  • Validate the entries and calculate your tax liability.
  • Generate the XML file and save it
  • Then log into your account on the income tax portal and go to ‘e-file’. Click on ‘Income Tax Return’.
  • Choose the assessment year, ITR form number, and type of ITR filing (original or revised), and choose the submission mode for your ITR as ‘Upload XML’.
  • Choose from the given options to verify your ITR and click on ‘Continue’.
  • Attach the XML file and submit your ITR.

 

Online method

 

You can file applicable ITR form online. You can use the information from Form 16, to enter the details directly on the portal and file your returns. The process is as follows –

  • Log into your account. Go to ‘e-file’ and choose ‘Income Tax Return’.
  • Your PAN number will be auto-populated. Select the assessment year, the form number of your ITR, and the type of ITR filing (original or revised), and choose the submission mode as ‘Prepare and Submit Online’.
  • Click ‘Continue’ to proceed.
  • Fill up all the relevant fields using the information from Form 16 and other documents that you have.
  • Go to the ‘Taxes Paid and Verification’ tab and choose the desired verification mode.
  • Click on ‘Preview and Submit’ to check your ITR and then submit it online.

Once return is submitted online, the return needs to be e-verified. E-verification can be done by multiple modes. Refer https://eportal.incometax.gov.in/iec/foservices/#/pre-login/eVerifyReturn-bl for e-verification of ITR.

So, file your returns on time using Form 16 and any other forms that you have at your disposal that show your income, TDS detail, etc. Employers usually issue Form 16 to all employees. However, if you have not received it, you can ask the employer to issue one or file your ITR without it if you are aware of the details of Form 16.

References

1. https://economictimes.indiatimes.com/wealth/tax/your-wait-for-tds-certificate-gets-longer-last-date-for-employers-to-issue-form-16-extended/articleshow/59031901.cms

2. https://incometaxindia.gov.in/Pages/tax-services/file-income-tax-return.aspx

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**Past performance is not indicative of future performance.

$ Subject to the passing of the Finance bill in the Parliament

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

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^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

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Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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