ITR Filing 2024: The income tax return filing process for the financial year 2023-24 (assessment year 2024-25) is going on. If you have changed many jobs in a financial year, then you must have got many Form 16. Let us know how to file ITR when there is more than one Form 16.
ITR Filing 2024: Income Tax Return i.e. ITR is being filed for the financial year 2023-24 and assessment year 2024-25. The last date is 31st July. Filing Income Tax Return (ITR) can be easy when you have all the required documents. However, if you have multiple Form 16 due to changing jobs or doing multiple jobs in a financial year, then this task becomes complicated. But it becomes easy by working patiently and carefully. Form 16 is a certificate issued by the employer or the company in which you work, which contains the details of tax deducted at source (TDS) from your salary. It is divided into two parts.
It is important to understand Form 16
Part A: It contains details of the employer and employee, including name, address, PAN and TAN details and summary of tax deducted and deposited on a quarterly basis.
Part B: It contains details of salary paid, deductions under the Income Tax Act and tax payable.
When you change jobs, each employer issues a separate Form 16, which means you may have multiple Form 16s for the same financial year.
Steps to file ITR with multiple Form 16
Collect all Form 16s
Make sure you have Form 16 from each employer you worked for during the financial year. Verify that the details in each form are correct and consistent.
Consolidate Income
Add up the salary income from each Form 16 to get the total income for the financial year. Also include any other sources of income like interest from savings accounts, rental income, etc.
Calculate total taxable income
Use the consolidated income to calculate your total taxable income. Subtract eligible exemptions and deductions under sections like 80C (investments), 80D (health insurance), etc. If your deductions are declared to multiple employers, ensure you do not claim the same deduction multiple times. Cross-check the total deductions claimed to avoid discrepancies.
Verify TDS details
- Match the TDS figures in your Form 16 with the Form 26AS (Tax Credit Statement) available on the Income Tax Department website.
- Ensure that all TDS deducted by employers is correctly credited to your PAN.
Calculate tax payable or refundable. - Calculate the total tax payable based on your taxable income.
- Compare this with the total TDS already deducted. If the TDS is more than the tax payable, you are eligible for a refund.
- If it is less then you will have to pay the remaining tax.
File ITR online
- Log on to the Income Tax e-filing portal (www.incometaxindiaefiling.gov.in).
- Choose the appropriate ITR form based on your sources of income (usually ITR-1 for salaried individuals).
- Enter correct details of income, deductions and TDS.
- Review and submit.
- Double-check all the details entered in the ITR form. Make sure there are no errors or omissions.
- After reviewing, submit the form online.
- Upon successful submission you will receive an acknowledgement number.
