Navigating Tax Returns: How to Handle TDS Deductions When Switching Jobs?

I had been working in a company for 9 months (starting from April) where they had been deducting tax TDS from the income. After that, I had joined another company for much lesser pay, where they were not deducting any TDS.

When I calculated my total income for the year April 2008-09 (from both companies), it was less than the 1.50 Tax bracket. Now how do I proceed with the Tax filing or the Tax return??

Since I do not have to pay any tax and I have already paid a certain amount of tax through TDS (for 9 months), I have to only file for my returns, right??

Please help.

Dear,

Whether you are earning less or more than 1.50 lacs, you should always file your Income Tax returns (as per the law). In your current case, you will have to file your IT as usual and submit your Form 16 (in original) with the return. You will get a refund of the excess amount of tax paid if any.

Thank you for the reply.

I need to obtain the Form 16 from the previous company and payslips from the current company as the necessary documents for filing returns. Are there any additional documents required?

In my new company, Rs. 1000 is deducted per month from the base salary. This deduction will be provided to me after completing one year in the company. My question is, should I include this Rs. 1000 per month (for the three months of 2009) when calculating the Total Income for the financial year 2008-09?

First of all, check whether the new company is deducting 1000 Rs in the security head or not.

Hi there,

I apologize for posting in the wrong thread. Firstly, as I am new to citeHR, I have a question. Is it possible for the HRA amount to be more than the basic salary (in the rarest case)? Additionally, can it exceed 50 percent in any situation?

Thank you.

There is no mention of a security head. The basic salary includes the 1000 deduction. Should it be considered for gross income even though I don't receive it until I complete 1 year? (The company is giving only basic salary, no PF, HRA, etc., and the 1000 is getting deducted from this Basic).

Also, Rashmi2b, kindly start a new post. In my old company, HRA exemption equals the minimum of either (actual HRA or 40% of Basic+DA (50% for metros) or actual rent paid - 10% of Basic+DA).