Clubbing of income from two employer

428 views 2 replies

Hi,

In April and May 2014, I worked for X company and from June beginning I am in company Y. While submitting documents to my current company I missed to mention the income from previous employer and later Income tax was filled with current company salary income. 

Now while updating e-File ITR 1, in tab 'Tax details', I found the income of previous company along with current company salary Income with TDS amount.

X Co. Income from salary 52458 and Y company salary 725313. (both are gross).

Now the question is should I need to mention the total of both companies'  Net salary  under Income details Tab, in B1 'Income from salary'? If I do so then the taxable income will be different than the one mentioned in  Form 16 given in current company. Please advice.

Thanks

Vyshnava

 

 

Replies (2)

U mean the tax credit for deduction of tax from previous employer is appearing in form 26AS. If so, u will have to declare aggregate of such income (after considering available deductions/exemptions) and arrive at the total tax payable. If there is any shortage, u need to pay the difference as self assessment tax and file the return thereafter.

Form 16 is for current job only. U have to declare both your incomes as Gross Income. Your Form 16 income will ne different/ less than your gross income but it is OK as per law. You may contact me on catarunaggarwal @ gmail.com for further details

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