ITR File New Rule: The last date for filing Income Tax Return (ITR) is 31st July. If you have not filed your ITR yet, fill it as soon as possible. Salaried taxpayers are required to file ITR Form 1. For this, Form 16 is required to be issued by the employer. It contains the details of TDS deducted by the employer during the financial year. Your employer is required to issue Form 16 to you on or before 15th June every year.
Nowadays people are rapidly changing jobs to increase their income and experience. This is a very common practice. In view of the increasing trend of changing jobs, many taxpayers have more than one Form 16 submitted to them by different employers. In such a situation, when it comes to filing tax returns, they start getting worried that how to file their ITR with more than one Form 16!
If you have two Form 16
First and foremost, don’t stress yourself out. Having more than one Form 16 does not mean that you cannot file your ITR on your own. There are three ways to file ITR with more than one Form 16. Let’s start with the simplest and easiest way.
Use tax filing portals Various tax filing websites provide the facility of ITR filing at a nominal cost. Some even provide this service for free. You go to such portal and after registering yourself, create a login ID. After this you have to upload both Form 16. If you have only physical copies of Form 16, you can manually fill in the details of each. After that click on submit button. The online portals will do the necessary calculations of your income, exemptions and deductions on their own. This process will not take much of your effort and your work will be done easily in no time.
Request a Consolidated Form 16 from your current employer
There is another easy way of ITR filing if you have changed two jobs. Demand to link Form 16 of the previous employer with that of the current employer. This way you will have only one Form 16 and you can file your ITR with a single Form 16 like any other employee.
When you change your job in the middle of the financial year, fill up Form 12B and submit it to the new employer. It discloses your past income during the year. Though it is not mandatory to fill Form 12B, but it will be more convenient for you if you fill it. Your new employer issues a consolidated Form 16 by counting your previous income. Ensure that the details filled in Form 12B, including PAN and TAN of the previous employer, tax deducted at source by the previous employer, PF deducted, break-up of previous salary and professional tax, are all included and correct. Keep in mind that it is your responsibility to fill Form 12B, not your previous employer.
Can do calculations yourself
If you are good at tax counting and have proper understanding of taxation then you can do it yourself. Once you arrive at the total taxable income, which should include not only your salary but also income through dividends, interest from your bank FDs and accounts, as well as other sources of income, then your tax Liability can be calculated. Now deduct the taxes already paid by you as TDS as per the document entered in Part-A of Form 16B. Cross-check this figure with the details available in Form 26AS and Annual Information Statement or AIS. If they match then go ahead and file the return and then verify the same.