Warning against filing ITR without Form 16 due to mismatch risks

While the income tax department permits filing without Form 16, taxpayers should be cautious. Form 16 is not just a TDS certificate; it provides a detailed breakdown of salary components, allowances, perquisites, and employer-provided deductions. Without it, you may miss out on important tax-saving deductions or misreport your income, leading to a mismatch with Form 26AS. For job changers, the situation is trickier: each employer's Form 16 contains specific data, and combining them manually can lead to oversight—especially for house rent allowance, leave travel allowance, and section 80C investments. Even a small error can trigger a notice from the tax department, which then requires time-consuming corrections. Moreover, Form 26AS may not reflect all income, such as perks or reimbursements paid by the employer. Relying solely on it could mean underreporting income. Therefore, the safest route is to wait until you have all Form 16s. If that risks missing the deadline, file a provisional return and update it later. The cost of a penalty may be less than the hassle of a prolonged tax notice. Patience and accuracy are better than speed.