Tuesday, July 5, 2022

Know How To File Income Tax Return With More Than One Form-16, Chcek Here

Income Tax Filing Tips: The last date for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is currently 31 July 2022. For taxpayers whose accounts are not to be audited, this is the last date for filing Income Tax Return. According to the Income Tax Act, the employer has to issue Form-16 to his employees by June 15. If TDS has been deducted during the financial year of an employee, that employer has to issue TDS certificate to his employee.

Suppose if you have changed job during 2021-22. So in such a situation, you have to take Form-16 from your existing as well as from the former employer. However, due to having two Form-16, the taxpayer has also faced difficulties in filing Income Tax Return. In particular, there is a problem in calculating the total taxable income, HRA, LTA and tax exemption.

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Know how to file income tax return if you have two Form-16

  • First of all, take Form-16 from all the employers in which you have worked in the financial year 2021-22, which includes existing to former employers. The breakup of the salary you have received will be written in Part B of Form-16. Tax exemption is available on whichever account and deduction will also be written. While filing ITR, you have to fill in all the columns one by one.

  • The taxpayer will have to separately add each item written in Form-16 received from all the employers. Like the gross salary received in every company will have to be added together. HRA and LTA as mentioned in all Form-16 have to be added. Once you must check that how much HRA and LTA you are entitled to claim. 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.

  • Even though you have more Form 16 together, you cannot claim tax exemption under 80C on the principal amount of insurance, PPF, EPF and home loan of more than Rs 1.50 lakh. Standard deduction of Rs 50,000 will be mentioned in the salary income in each Form 16. But standard deduction of Rs 50,000 + Rs 50,000 will be mentioned in two Form 16s. But you cannot take the benefit of standard deduction of Rs 1 lakh as the limit is only Rs 50,000.

  • Once the taxable income is calculated by you, the taxpayer has to add the tax liability. Once you see whether the companies have deducted as much as the tax liability is on you. This can be seen in Part-A of Form-16. If there is any tax liability on you, then you will have to pay it. And if the companies have deducted your excess TDS then you will get the refund.

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Income Tax Return: Before this date, fill the income tax return for the assessment year 2022-23, otherwise you will have to pay penalty

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