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ITR: If the job has changed and you have got two or more Form-16 then fill your income tax return like this

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ITR

Highlights

  • 31st July 2022 is the last date to file income tax return for assessment year 2022-23
  • It is mandatory for employers to issue Form-16 by June 15
  • Having two or more Form 16 makes it difficult to calculate tax, HRA, LTA etc.

ITR: Income tax return filing season has started. In such a situation, if you have changed two or more jobs in a financial year, then you must have received 2 or more Form-16 from different employers. According to the government circular, it is mandatory for the company to issue Form 16 to the employees by June 15. At the same time, if the employer has deducted TDS, then he will issue TDS certificate. In such a situation, the question arises that if you have two or more Form-16 then how will you file your return. Let us tell you that what is the method of filing return in case of having more than one Form-16?

If you have two or more Form-16 then fill your ITR like this

1. Collect Form-16 from all employers: It is generally seen that after changing jobs, most of the employees forget to take Form-16. Don’t make this mistake. Take Form-16 from all the companies you have worked for. In the absence of Form-16, it is difficult to calculate the tax correctly.

2. Add up all income and liabilities: If you have two Form-16, then the salary mentioned in both of them has to be added. Similarly, you have to add HRA and LTA as well. Find out whether you are entitled to claim HRA and LTA. You can claim tax exemption on LTA only if you have traveled during the financial year and you have submitted the proof of the same to your employer

3. No benefit of double tax exemption: If you have two Form-16s, then standard deduction of Rs 50,000 will be mentioned on both. This does not mean that you will be able to take the standard deduction of Rs 1 lakh by adding both. You will get the same standard deduction. Along with this, only a maximum tax exemption of Rs 1.5 lakh will be available under section 80C.

4. Calculate Tax and Income: Before filing the return, you should calculate your total income and liability through Form-16. After this, see how much tax is being made on you or not. If tax is being made, then by depositing that much, you fill your return. In case of any problem, definitely take the help of CA. Do not give any wrong information. Doing so can cause problems later.

5. Calculate tax like this: To calculate tax, add the salary received in X months in the old company and the salary received in Y months in the new company. After this, you add the amount invested in 80C and other tax saving mode. Then combine the taxes deducted by both the employers at one place. Then go to the Income Tax website and collect the tax. If you have any previous tax dues, then pay it before filing income tax. In this way you can file your income tax correctly.

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Zeeshan Khan

Zeeshan Khan is a Senior journalist at Youthistaan.com working since 2017 who covers latest and trending topics.
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