Can I file ITR based on payslips if there is no Form 16?

Query: I have yet not received Form16 from my employer. Can I file my tax return for 2017-18 based on my payslips? Will I be allowed to file revised returns once I get my Form 16, in case there are any discrepancies?

Archit Gupta CEO, ClearTax replies: Yes. You may file your income tax returns even if you have not received your Form 16 for 2017-18. You can total up the sum appearing against salary in your payslips for all the months. If your payslip shows the amount of tax deducted, you may check it with your Form 26AS.

Further, Form 26AS can also be relied on for details of all income that you have received during the year on which taxes have been deducted. Once you have details of your income, you should consider the tax-saving investments you have made during the year for appropriate deductions from your total income to arrive at your taxable income.

Based on your income tax slab, you can compute your taxes, claim TDS and pay-off balance taxes, if any, and file your return of income. After receiving your Form 16, if you come across any discrepancies, you can file a revised return, but this must be done no later than 31 March 2019.


Query: My wife and I both are IT professionals and we have a 2-year-old son. Do both of us need to buy term insurance or one term plan with a large cover will be sufficient? Please suggest if we need any riders with the term plan.

Ashish Vohra ED and CEO, Reliance Nippon Life Insurance replies: It is advisable for both of you to buy separate life insurance term plans as both of you are earning members. Term insurance is meant to replace the loss of income in case of the untimely death of the insured. There will be loss of income if either one of you passes away, so a large cover may not be a suitable solution. Recently, term insurance products have been launched that offer accidental and critical illness riders as add-on benefits. You can opt for these riders to get comprehensive protection.