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Imp - tds in case of two employers in one year???

314 views 4 replies

Tax

Student

165 Points Posted on 16 January 2017

Mr. X had two employers for the previous financial year 15-16 (AY 16-17)

He worked for 4months with first employer...

Then he changed jobs and worked for the remaining 8 months with the second employer..

The SECOND employer issued FORM 16 for the year WITHOUT incorporating the salary of the FIRST employer..

Can Mr. X still submit FORM 12B after issuance of FORM 16 by the second employer???

What are the options left??

Replies (4)

Guest

Mr X should file his income tax return now [since the year (FY 15-16)has already ended] and considering both the salaries pay the tax with interest if any.

Rishi

Accounting & compliance professional

2 Points Posted on 16 January 2017

a. Dont see that submitting Form12B to later employer and getting a consolidated Form 16 for AY 2016-17 would be feasible now.

b. Action: File the IT Return for that period (After payment of taxes,if any) that includes Income from both employers.

Tax

Student

165 Points Posted on 16 January 2017

Can Mr. X request the FIRST employer to issue FORM 16 for 4 months and file ITR by combining the FORM 16 of both the employers?

Mukesh Kumar

Accounts Manager

1466 Points Posted on 16 January 2017

AGREE WITH ABOVE ALL,,,,,,,,,,,,,FORM 16 IS NOT COMPULSORY FOR FILE ITR.,,,,,,,,,,,,,,,SO MR X SHOULD BE FILE ITR AS PER SALARY WHICH IS HE RECEIVED FROM BOTH EMPLOYER,,,,,,,,,,ALSO PAY TAX WITH INTEREST IF X IS LIABLE BEFORE FILE ITR,