Hi
I have a query regarding multiple form 16.
Suppose i worked in comapny A upto August ,and in company B August onwards.
In this case i will be submitting IT proofs only to company B.
However i want to know what will happen to the income from company A.
Do i need to declare or submit Tax Proofs to company A as well?
How can i consolidate the incomes from both the companies and file a single return?
From India, Bangalore
I have a query regarding multiple form 16.
Suppose i worked in comapny A upto August ,and in company B August onwards.
In this case i will be submitting IT proofs only to company B.
However i want to know what will happen to the income from company A.
Do i need to declare or submit Tax Proofs to company A as well?
How can i consolidate the incomes from both the companies and file a single return?
From India, Bangalore
In very simple thing, you have to consider both Form-16 for your IT return.
The form 16 you have from Company-A is a proof of your income from last employment with a certain period under the financial year (August -5th Month of India Financial Year April to March) likewise you have Form -16 from Company-B as a proof of your income from second employment under the same financial year.
Therefore, both the form-16, are statements of income you have from your employment and give you the total earning you having within the financial year need to be used for calculation and generation of your Income tax Return.
Example:
You have worked with
Company A for = 5 months (April to August)
Income Per month = Rs. 10
= 5x 10 = Rs. 50
And you have total income from Company B = Rs 85 for rest of the period under Financial year
Therefore, your total income for the financial year would be
= Rs 50 (Company A) + Rs 85 (Company B)
= Rs. 135 (you have to consider for IT return)
Hope all are clear to you now.
From India, Gurgaon
664The form 16 you have from Company-A is a proof of your income from last employment with a certain period under the financial year (August -5th Month of India Financial Year April to March) likewise you have Form -16 from Company-B as a proof of your income from second employment under the same financial year.
Therefore, both the form-16, are statements of income you have from your employment and give you the total earning you having within the financial year need to be used for calculation and generation of your Income tax Return.
Example:
You have worked with
Company A for = 5 months (April to August)
Income Per month = Rs. 10
= 5x 10 = Rs. 50
And you have total income from Company B = Rs 85 for rest of the period under Financial year
Therefore, your total income for the financial year would be
= Rs 50 (Company A) + Rs 85 (Company B)
= Rs. 135 (you have to consider for IT return)
Hope all are clear to you now.
From India, Gurgaon
Hi Additional to what AK Arora said,
Please submit your Tax calculation sheet or Form 16 from COmpany A to Company B. Other wise COmpany B will not consider your income from previous employer and calculate tax for the income form B. Which will deduct less tax than actual.
If you submit your Tax calculation sheet or Form 16 from Company A to Company B, so they will consider Income from A's -Form16, as Income from Previous employer and recalculate the tax. This way you will not end up paying tax while you submit the returns. And B's form16 will have the comple income info from A and B. But please note you will have to submit both Form16s to IT, while filing the returns.
From United States, Ogden
Please submit your Tax calculation sheet or Form 16 from COmpany A to Company B. Other wise COmpany B will not consider your income from previous employer and calculate tax for the income form B. Which will deduct less tax than actual.
If you submit your Tax calculation sheet or Form 16 from Company A to Company B, so they will consider Income from A's -Form16, as Income from Previous employer and recalculate the tax. This way you will not end up paying tax while you submit the returns. And B's form16 will have the comple income info from A and B. But please note you will have to submit both Form16s to IT, while filing the returns.
From United States, Ogden
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Employers Get Time till July 10 to Issue Form 16 - The Economic Times - Mumbai, 6_5_2019.pdf
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