Earlier,
people would hold on to one job for all their work life. But as times have changed,
the focus has shifted from stability to career building. We now know of people
who change their jobs twice or even thrice within a single financial year.
If you, as
a salaried individual, have switched jobs within one financial year, you would
have received a Form 16 from each of your employers. Now you may be wondering what
to do with multiple Form 16s. Let’s deal with it together!
What is Form 16?
Form 16 is
a TDS certificate issued to salaried individuals by their employers. It contains
details of the components of salary and details of the tax deducted on it.
What is the procedure to file Income Tax
Return with Multiple Form 16s?
e-Filingtax returns on your own can be exhausting. With the help of H&R Block, you
can file your returns accurately, and it is hassle-free! But before going ahead,
make sure you have all other documents ready.
Follow these simple steps to file your ITR
with H&R Block:
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Step 2: Then you
need to upload Form 16 from each employer.
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Step 3: Pay the
fees according to the plan you select.
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Step 4: A tax expert
will be assigned to you who will calculate your taxes.
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Step 5: Approve
the tax summary shared with you.
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Step 6: After
filing your return, it is your responsibility to complete your ITR Verification
within 120 days. Here’s a guide on how to do so.
The other
way to file your ITR is by using the ITD portal, but it may be complex if you
are not a tax expert.
If you plan to file the ITR by yourself, you
must be careful with the following points before you begin:
a.
Have you disclosed the previous salary details
to your new employer?
b.
Have you disclosed all your investments to
your new employer?
If yes,
then the latest Form 16 you received will have the consolidated figures.
If not,
you will have to compute the total income from salary by yourself. Also, take
into consideration the investments while claiming a deduction. But remember,
these deductions can only be claimed once against your total income.
Steps to consider while entering details of
income from salary:
§
Step 1: Add up
the salary from all the employers in that financial year.
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Step 2: Reduce
the exempt allowances (for example, HRA).
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Step 3: Apply
deductions allowed under Section 80C to Section 80U.
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Step 4: Calculate
the tax liability.
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Step 5: Subtract
the TDS deducted by all the employers. You can compare this TDS with what’s
mentioned in Form 26AS.
Steps to self e-file your returns using the
ITD website:
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Step 1: Login
with your credentials on the e-filing website.
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Step 2: Click on
“Income Tax Return”.
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Step 4: Choose the
Assessment Year; current assessment year is AY 2019-20.
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Step 5: Select the
ITR Form. (use “Help” in the top right corner for queries)
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Step 6: Click on
“Original/ Revised Return”.
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Step 7: Select
your preferred “Submission Mode”.
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Step 8: Fill up
the form and click on “Save Draft” periodically.
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Step 9: Go over
the details once more before you click “Preview and Submit”.
You may have realised how complicated taxation can be. And that is why more than 6 Lakh people have taken the help of H&R Block. This intermediary makes the tedious procedure quite simple! Also, there is no room for doubt as they provide a hassle-free tax filing experience with the help of experts. They ensure that your return is filed free of errors with maximum tax benefits.
