This video educates on how to file itr if more than one form 16 is there for the purpose of filing of income tax return, in case when you switch your jocb or employer. Form 16 is one of the documents required for filing ITR. The form contains the summary of the taxes that are deducted by your employer and deposited against your PAN with the government. Apart from taxes details, it also contains the summary of total amount paid by the employer to the employee for the financial year 2018-19.
But, what if an employee had switched jobs in the last FY and has more than one Form 16 from all employers or only from the current employer but not from other employer previous employers. Here's a step-wise approach to consolidate the numbers, under various circumstances.
Receive Form 16 from all employers
When an employee has more than one Form 16, then tax computation should be made after considering every Form 16 document. As an employee one has to prepare a revised statement of income and revised tax liability to make sure that the tax is calculated as per the correct slab.
First, consolidate salary earned from all employers.
Secondly, deduct the value of exempt allowances and perquisites for e.g. House Rent Allowance (HRA), travel allowance etc. It may be possible that since you have not submitted the proof of rent receipts to the employer, so he may not have given you HRA exemption. But an employee can claim this while filing the return.
Thirdly, claim the deductions allowed under section 80C, 80D, 80G etc. There may be a possibility that same deductions is allowed by all the employers in Form 16. But keep in mind that the benefit of deductions can be taken only once.
Fourthly, now calculate the tax liability and deduct the TDS deducted by all the employers mentioned in the Form 16 issued by them. You can also crosscheck the amount of TDS deducted with Form 26AS.
#itrfiling #morethanoneform16 #saralfinance
Social Media Links:
Youtube Channel
[ Ссылка ]
Facebook
[ Ссылка ]
Twitter
[ Ссылка ]
Instagram
[ Ссылка ]
Linkedin
[ Ссылка ]
