Confused About TDS and Tax Returns After Switching Jobs? Here's How to Proceed

Hi,

I have a query regarding TDS and tax returns. I switched my company recently. I left my last company in January 2015 and joined a new company in February. My tax for 2014-15 was not deducted in my last company and also not in my new company. I don't have a Form 16 from my previous company for tax return submission. How should I proceed with this? Please advise.

Thank you.

Hi,

If your income (including both the employer's) is less than the tax bracket, then there is no need to file IT returns. However, you can still request Form 16 from your previous employer. Form 16 consists of two parts – Part A issued by the Income Tax Department and Part B issued by the employer.

In your case, since they have not deducted any tax, there will not be any Part A.

Thanks for the reply. My income is more than the tax exemption bracket, and I have saved Part B of Form 16 when leaving the last organization. Will it contain my income details until the last month, or do I need to get Part B of Form 16 again?

After receiving Form 16s from both of my employers, do I have to file tax returns and send tax, right?

You can also view your tax credit from Form 26AS. However, since you mentioned that it was not deducted, you will need to prepare an income statement, calculate the Tax Payable, pay the tax, and file the return. You may seek assistance from a Chartered Accountant for this.

Hi,

If you already have Part B, it will contain all the salary details (check the dates mentioned on top of Form 16; it will have from and to dates). You can add up the salary from both employers, calculate the tax liability, pay the tax, and file your IT returns.