Step 8 Next, go to Deductions and enter the amount in the field. Refer to your Form 16 for this information in Part B. Step 3 Complete all personal information and the address section. This allows you to file itR if you have multiple forms 16. But in today`s world, it is very hectic to take your time and do all the calculations, etc. So there is another simple way and that is step 2: upload your Form 26AS and match the TDS amount of the Form 16. It is important that the details of the TDS match, as you cannot credit taxes without them. In case of discrepancy, inform your employer immediately. If you`d like to download your Form 26AS, check out our guide to viewing Form 26AS? Multiple Forms 16 created as a result of a change of employment – In this situation where a person changed jobs in the same fiscal year and receives multiple Forms 16, at the time of filing the tax return, they should share the details of the previous Forms 16 with the new employer to calculate the tax liability taking into account the details of the previous job.
You can use Form 12B to inform your new employer of previous earnings and investments. Form 12B can help the new employer with tax deductions and also with the consolidation of both employers` wages. Yes, because multiple Forms 16 are required to deduct your income and SST from multiple sources/employers. Outside of this step, the process remains the same. Simply put, we could tell the details of the tax deducted by the employer on behalf of an employee. Therefore, each employee should receive Form 16 from the employer before the end of a fiscal year. Sometimes a situation arises when a person holds multiple forms 16, such as: How to inform the new employer of past wages? Ravi must use multiple Forms 16 issued by two employers to file tax returns for the 2020-2021 fiscal year. Is it possible to file an ITR with any employer`s Form 16? As mentioned above, Form 16 is issued by the employer for your income during a fiscal year. However, if you change jobs in the same fiscal year and work with multiple employers, you will end up filing tax returns on more than one Form 16. Step 1: Select the correct ITR form that applies to you.
Most of us submit form ITR 1, which is intended for individual taxpayers. And in such situations, you should be aware of the tax liability that may arise, as you could then end up with multiple forms 16. When it comes to filing the tax return, the process gets a little more complicated, but it`s actually quite easy to file the IT return if someone has multiple forms.16 If you changed jobs during a fiscal year, it is essential to use multiple forms 16 from all of these employers. Step 6: After determining and paying the tax and interest payable, you can file an ITR. The most common ITR form for employees is the ITR 1 Sahaj form. But the applicability of ITR forms varies from person to person, for this you can refer to our ITR form guide Step 3: Next, you need to add the income earned during a fiscal year and enter it into your ITR form. This is where several Forms 16 come into play. Here you need to manually add the income of the two companies you worked for.
Many tax filing websites allow you to upload 16 multiple forms that add your income and automatically collect other details in the multiple 16 forms for you. The Department of Income Tax sets a deadline for each fiscal year before which all companies in India must issue Form 16 to all their employees or former employees. If your business was acquired by another business during the fiscal year, or if there has been a corporate restructuring, you will receive a Form 16 from your employer with two Parts A and one Part B for e-filing. Multiple forms 16 are due to multiple jobs at the same time – If a person has multiple jobs at the same time, in this case, they can simply file their consolidated income at the time of filing the computer tax return. If you changed jobs in the same fiscal year, you must inform your new employer of your previous salary and the investments made, etc. Form 12B will help you explain the previous salary to the new employer, etc. This, in turn, helps the employer correctly determine your total income and deduct TDS accordingly. .