Clubbing of income from two employer

TDS 406 views 2 replies

Vyshnava

MBA

24 Points Joined July 2015

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)

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

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.

Tarun

216 Points Joined September 2014

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