ITR Filing 2025 Made Easy: How to File Without Form 16

by Jobuza Team | Jun 9, 2025 | BLOG, Trending News

ITR filing 2025: The process of filing Income Tax Returns (ITR) for the financial year 2024–25 has begun. For many salaried individuals, Form 16 is a key document. But what if you don’t receive Form 16 from your employer? Can you still file your ITR for 2025?

itr filing 2025: The answer is yes. You can file your Income Tax Return even if you do not have Form 16. There are alternative ways and supporting documents that can help you complete the process accurately. This guide explains how to do it with ease.

What is Form 16 and Why is it Important?

Form 16 is a TDS (Tax Deducted at Source) certificate issued by employers to their employees after the end of the financial year. It contains crucial details such as:

• Salary paid to the employee

• TDS deducted and deposited with the Income Tax Department

• Deductions under various sections like 80C, 80D, etc.

• PAN of the employee and employer

• Summary of tax liabilities and exemptions

It serves as proof that tax has already been deducted and helps in filing an accurate return. However, not having Form 16 does not prevent you from filing ITR.

Who Might Not Get Form 16?

• Freelancers or self-employed individuals

• Employees of startups or small businesses that don’t issue Form 16

• Individuals who have recently switched jobs and haven’t received Form 16 from one or more employers

How to File ITR 2025 Without Form 16

Here are the alternative ways and documents that can help you file your return smoothly:

1. Use Form 26AS

Form 26AS is a consolidated annual tax statement available on the Income Tax Department’s website. It shows:

• TDS deducted by all employers

• Advance tax or self-assessment tax paid

• Income from interest, dividends, or other sources

This form acts as a substitute for Form 16, as it reflects all your tax credit details.

2. Bank Statement and Salary Slips

Collect your bank statements and monthly salary slips for the financial year. These will help you:

• Calculate your total income

• Identify deductions like PF, professional tax, and insurance

• Record bonuses and variable pay components

Using this data, you can compute your total taxable income and file your ITR.

3. Investment and Deduction Certificates

To claim deductions under sections like 80C, 80D, and 24(b), gather all relevant proofs, such as:

• Life insurance premiums

• PPF or ELSS statements

• Home loan interest certificate

• Health insurance payment receipts

These documents ensure that you get all eligible tax benefits even without Form 16.

4. Annual Information Statement (AIS)

AIS is a comprehensive statement available on the Income Tax portal. It includes:

• Salary and interest income

• Dividend earnings

• Mutual fund transactions

• TDS and TCS details

Cross-check AIS with Form 26AS to ensure the correctness of your income details and tax deductions.

5. For Freelancers and Self-Employed Individuals

If you are a freelancer or run your own business, here’s what you need:

• Invoices and receipts from clients

• Bank account statements to track income

• Expense records such as rent, phone bills, internet, travel, and utilities

These will help you calculate net income and claim eligible business-related deductions under sections like 44ADA or 44AE.

Final Words

Filing your Income Tax Return in 2025 without Form 16 is completely possible. With access to alternative documents such as Form 26AS, salary slips, AIS, and investment proofs, you can file your return accurately and on time.

Make sure to double-check all figures and upload correct details on the Income Tax Portal to avoid errors or notices.

Managing Multiple Bank Accounts? Beware of These 4 Downsides

by Jobuza Team | Jun 6, 2025 | BLOG, Trending News

In today’s digital world, banking plays a crucial role in our everyday lives. With the widespread use of UPI, internet banking, and mobile apps, managing finances has become easier than ever. However, while having a bank account is essential, maintaining multiple bank accounts can sometimes do more harm than good.

Many people open two or more accounts for different purposes—salary deposits, savings, investments, or even just offers. But if you’re managing more than one account, you need to be aware of some major disadvantages. Let’s take a closer look at four key drawbacks of maintaining multiple bank accounts.

1. Funds Get Locked in Multiple Accounts

Each bank account typically requires a minimum balance to remain active. If you have several accounts, you’ll need to keep a portion of your money idle in each one just to meet these requirements. Over time, a significant amount of your funds may end up sitting unused across your accounts.

This money earns only a low interest rate of around 4–5% annually in savings accounts. In contrast, investing the same amount in other financial instruments like mutual funds, fixed deposits, or PPF could give you better returns. So, by spreading your money thinly across multiple bank accounts, you could be losing out on higher potential earnings.

2. Extra Maintenance Charges and Service Fees

Having more than one bank account also means dealing with multiple maintenance fees. Many banks charge an annual fee for services such as debit cards, internet banking, and SMS alerts. These charges may seem small individually but can add up quickly when applied to multiple accounts.

Additionally, you may also incur penalties if you fail to maintain the minimum balance in any of these accounts. Over time, these service costs can eat into your savings without offering much benefit in return.

3. Negative Impact on Your Credit Score

Keeping several bank accounts, especially inactive ones, can affect your credit score. If any of your accounts fall below the required minimum balance or remain inactive for long periods, it could be flagged during credit evaluations.

Banks and financial institutions consider poor account management as a negative sign, which may result in difficulty getting approved for loans, credit cards, or other financial services in the future.

4. Complications in Filing Income Tax

During tax season, having multiple bank accounts can create additional stress and paperwork. You are required to report income and transactions from all your accounts while filing your income tax return (ITR). The more accounts you have, the more statements and details you need to track and organize.

Failure to report any account, even unintentionally, can lead to scrutiny or questions from the Income Tax Department. This not only complicates the filing process but may also invite penalties or legal issues.

Salary Accounts Can Convert to Savings Accounts

One more thing to consider—if you change jobs, your salary account may stop receiving payments. After a few months of inactivity, your salary account automatically converts into a regular savings account, which follows different rules.

Unlike salary accounts, savings accounts require a minimum balance. If you fail to maintain it, the bank will begin deducting charges from your balance. This can catch many people by surprise, especially if the account is no longer actively used.

Final Thoughts

While there may be specific reasons to maintain more than one bank account, it’s important to understand the hidden costs and administrative burden it brings. From idle funds and lower returns to extra charges and tax complications, having multiple accounts can impact your financial health more than you might expect.

If you do need more than one account, make sure each one serves a clear purpose and is actively managed. Otherwise, it may be wise to consolidate and close unused accounts to streamline your finances.

Disclaimer: This article is based on information originally published by Hr Breaking, edited and rewritten for clarity and SEO optimization. All rights remain with the original source.

Big Financial Updates Effective June 1, 2025 – Full List Inside

by Jobuza Team | Jun 5, 2025 | BLOG, Trending News

Big Financial Updates: Financial Changes Effective from June 1, 2025: What You Need to Know

Big Financial Updates: Starting Sunday, June 1, 2025, several key financial changes will come into effect that could directly impact how you manage your personal finances. From new credit card charges to updates on ATM withdrawals, LPG prices, FD rates, and Aadhaar card updates, these changes are important for salaried professionals, business owners, and households alike. Staying informed will help you avoid extra charges and make smarter money decisions.

1. Credit Card Charges and Reward Changes

If you use your credit card to pay bills or refuel, expect some new charges. From June 1, banks like Kotak Mahindra will start charging a 1% fee on fuel purchases once you cross a monthly limit. Additionally, reward points may be restricted on certain payments such as rent, utility bills, and insurance premiums.

Auto-debit penalties are also being revised. If an automatic payment fails due to insufficient balance, the penalty may now be as low as 2%. International transaction fees and reward policies may also change, depending on your bank. It’s advised to review the latest updates on your bank’s official website or app.

2. ATM Withdrawal Charges May Increase

Banks may revise the charges for withdrawing cash from ATMs beyond your free monthly limit. Each bank has its own rules, so it’s important to check with your specific bank to understand the updated fees and avoid unexpected charges when withdrawing cash.

3. LPG Cylinder Price Update

On the first of every month, LPG prices are reviewed and updated. The change depends on global market conditions and may lead to a price increase, decrease, or no change at all. Keep an eye on official announcements to plan your household budget accordingly.

4. Fixed Deposit Interest Rate Cuts

Some banks are reducing fixed deposit (FD) interest rates from June 1. For example, Suryoday Small Finance Bank is cutting rates by up to 0.60%. While most FD rates currently range between 6.5% to 7.5%, changes in market conditions could impact future returns. If you’re planning to invest, it’s wise to compare the latest FD rates across banks before locking in your money.

5. Free Aadhaar Card Update Deadline Nears

The deadline for updating your Aadhaar card for free on the myAadhaar portal is June 14, 2025. After this date, charges will apply — Rs 25 for online updates and Rs 50 at physical Aadhaar centres. Make sure to update your details before the deadline to avoid any fees.

Final Note

These financial changes, although routine, can affect your monthly expenses and savings if you’re not prepared. Be sure to review your banking terms, utility payments, and investment plans in light of the new rules starting June 1, 2025.

National Pension System (NPS): A Smart Retirement Move or Not? Pros & Cons Inside

by Jobuza Team | Jun 3, 2025 | BLOG, Trending News

The National Pension System (NPS) is a government-backed voluntary retirement savings scheme designed to help individuals build a secure financial future after retirement. Regulated by the Pension Fund Regulatory and Development Authority (PFRDA), NPS encourages long-term, disciplined investing by allowing subscribers to contribute regularly during their working years.

Upon retirement, a portion of the total corpus can be withdrawn as a lump sum, while the rest is converted into an annuity to ensure a steady monthly income. But is NPS the best choice for your retirement planning? Let’s explore all the key advantages and disadvantages to help you make an informed decision.

Advantages of NPS

1. Diversified Investment Portfolio

One of the biggest strengths of NPS is its diversified asset allocation. It invests in a mix of equity, corporate debt, government securities, and alternative assets. This balanced structure helps in managing risks while aiming for long-term returns. Your funds are managed by professional fund managers appointed and regulated by PFRDA, reducing the need for daily investment monitoring.

2. Flexible Investment Choices

NPS offers two main investment approaches — Active Choice and Auto Choice. With Active Choice, you control your asset allocation across the available classes. Auto Choice, on the other hand, provides a preset allocation based on your age and risk profile (Aggressive, Moderate, or Conservative). This flexibility ensures the investment strategy can be tailored to suit your goals and risk tolerance.

3. Option to Switch Fund Managers

NPS allows you to switch fund managers once every financial year and change your investment choices up to four times a year. With access to 10 fund managers, this feature enables you to optimize returns by moving to better-performing schemes without incurring additional costs or taxes.

4. Attractive Tax Benefits

NPS is among the most tax-efficient retirement investment tools in India. You can claim deductions up to ₹1.5 lakh under Section 80C. Additionally, an extra deduction of up to ₹50,000 is available under Section 80CCD(1B), making NPS an effective way to reduce your taxable income while planning for retirement.

5. Steady Retirement Income

At retirement, NPS ensures income stability through a mandatory annuity purchase with at least 40% of the accumulated corpus. The remaining 60% can be withdrawn as a lump sum. This split allows retirees to manage immediate needs while securing lifelong monthly income through the annuity.

6. Easy and Convenient Online Process

Opening and managing an NPS account is simple and fully digital. You can complete the application, upload documents, and start investing from home. Contributions can be made monthly, quarterly, or annually, offering great flexibility for individuals with varying income flows.

Disadvantages of NPS

1. Taxation on Annuity

While 60% of the corpus is tax-free at maturity, the remaining 40% used to buy an annuity is taxable as income based on your slab rate. This can reduce the net retirement income, especially for those in higher tax brackets.

2. Limited Liquidity

National Pension System (NPS) is a long-term product with strict withdrawal rules. Full exit is allowed only after five years of contribution, and even then, only 20% can be withdrawn in cash. The remaining 80% must go into an annuity. Partial withdrawals of up to 25% are allowed, but only for specific reasons such as higher education, home purchase, or medical emergencies, and only after three years of continuous investment.

3. Capped Equity Exposure

To manage risk as subscribers approach retirement, NPS gradually reduces equity exposure after age 50. It decreases by 2.5% each year and caps at 50% by the time you turn 60. While this strategy protects your retirement savings, it limits growth potential for those who want to remain aggressive with their equity investments even later in their career.

Should You Choose NPS for Retirement?

National Pension System (NPS) offers a solid foundation for retirement planning, especially for individuals seeking a low-cost, tax-efficient, and professionally managed scheme. The flexibility to choose asset allocation, switch fund managers, and enjoy tax benefits makes it appealing to many investors.

However, it’s important to consider the limitations — especially the restricted liquidity, taxation on annuity, and equity exposure limits. If you are comfortable with long-term investing and focused on retirement-specific goals, NPS could be a valuable part of your financial portfolio.

Before investing, assess your financial needs, compare other retirement tools, and consider consulting a financial advisor to ensure NPS aligns with your overall retirement strategy.