Do I need to submit both Form-16s while filing ITR?

Income Tax Income from Salary
1

I changed jobs during the year, so I will receive 2 Form 16s - do i need to submit both while filing ITR?

2

Hi,

Yes, you should include both your Form 16s to file your ITR.
Here are the steps to file ITR with multiple Form-16s.

  1. Collect all your Form-16s
  2. Check TDS with Form 26AS
  3. Combine income and recalculate
  4. Include all Chapter VIA deductions
  5. Pay self-assessment tax, if any.

Hope this helps :slight_smile:

3

Hi,

I changed jobs in March 2021 and was paid 9 days March salary from both my old and new employer. I paid tax for both the salaries with the old employer adding it to my Form 16. During my final settlement with my old employer in October 2021, I had to pay back this excess salary to my old employer.

Can I claim a tax refund for this recovered excess salary? If so how, in ITR 2021-22 or next year?

4

Hi @Amit_Patnaik,

You can claim a refund of the taxes paid on salary paid back to the employer while filing ITR. You have to reduce income by the amount you paid back. You should report only the net salary income while filing ITR for AY 2021-22.

Hope this helps :slightly_smiling_face:

1 Like
5

Thanks Divya, for your response!

1 Like
6

Hi Divya, I have a query related to advanced taxes.

I get my variable component of pay in March and that inflates the taxable income at the last moment. Taking an example, let’s say the taxable income is rupees 2,00,000 without the variable component and my company deducts the taxes based on the fixed component till Feb. So, i meet all the criteria of paying advanced taxes (15% by June, 45% by Sep, 75% by Dec). However, once the variable component is added, let’s say the taxable income becomes 3,00,000. As such I miss out on the Advanced Tax schedules(15% by June, 45% by Sep, 75% by Dec) and there’s nothing I could do abt that. Will I still be penalized for this and will have to pay the extra interest while filing return?

7

Hi @abdabhi12

As per the income tax act, you are required to estimate the total income along with the variable component and pay advance tax accordingly every quarter.

If you miss out on estimating and paying the advance tax, then interest u/s. 234C shall be levied.

However, if you pay more tax then actual liability then you can claim refund for the same at the time of filing of your ITR.

Here’s a read on Section 234C : Advance Tax Penalty - Delay in Payment - Learn by Quicko

Hope this helps!

8

Hello @Shrutika_Shah, I have 2 form 16. 1st employer with Old tax regime and 2nd employer with New tax regime. Is this a problem while filing returns.

9

Hi @Abhishek_Durai_S_K

No, there is no such problem in this case. You should report the salary income from both form 16s and file your return as per the regime optimal for you.