The last date to file your Income Tax returns for the current assessment year (AY) 2022-23 is 31 July. But some of you might be in a pinch before filing your ITR.
People who changed jobs in the year may have received Form 16 from both their current and previous employers. In this case, you might be feeling confused about what to do. Well, here’s the answer.
In case you have multiple Form 16s, you can still file your ITR and claim all your benefits by following the steps given below:
Read more: Income Tax Return For FY 2021-22: Check Last Date; Documents Required To File ITR
- Collect your Form 16 from both your previous and current employer.
- Then manually add the income earned from both your organisations. Many websites allow you to enter your income and collate other details automatically.
- Subtract your leave travel allowance, house rent allowance (HRA), standard deduction, and any other deductions under Sections 80C, 80G, 80D, etc. from your salary for the entire financial year. All these deductions can be claimed only once. For example, if both employers have given you a standard deduction of Rs 50,000, you cannot aggregate the claim to Rs 1 lakh.
- After carrying out the above computations, calculate your tax liability after adding in the tax deducted at source (TDS) by both employers.
- If you have any tax liability, pay it first and then file your ITR.
Read more: How to choose the right ITR form to file returns? All you need to know
If you are filing your returns online, the Income Tax Department’s website gives taxpayers the facility to simply fill out the details from each Form 16 individually. The portal will combine your incomes and arrive at your tax liability calculations.
If only your current employer has given you Form 16, you can collect salary slips from your previous organisation and compute your total gross salary by adding income from your current employer’s Form 16 and the salary slips of your previous firm. The rest of the process is the same as the once described above.
If your employer has not issued Form 16, you can still file your ITR by doing the salary breakup and tax deductions using your pay slips. Deduct any exemptions from your total income and claim them. Use Form 26AS to cross-check any deductions. Finally calculate your tax liability and file your ITR.
