I worked with two cos in the FY 2011-12. First (Apr'11 to Oct'11) and second (Oct'11 to Mar'12). In the present company i had declared preious income and TDS details in Form 12B. They had considered the same for calculating tax liability for the whole year (done the right thing). But in the Form 16 issued by present employer, both the companies income is stated as Gross salary, but TDS for previous company not included. I agree that TDS pertaining to the employer issuing Form 16 alone should be reflected in it. While filing, if i use both Form 16 details as such, it will lead to double counting of my previous emp income and results in additional tax liability (which actually is not the case). Further, HRA has not been considered by my previous emp as they normally accept the proofs only towards yr end. The present employer has not considered conveyance allowance exemption of previous emp. For filing, should i use both form 16 and exclude previuos emp income from present form 16, while retaining the other details. Pl suggest as to how should i file.
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Filing using two form 16
Genrally what examption, deduction and allowance not consider in form 16 it should be claim in ITR, and clacilate tax
you should get TDS cetificate from ur previoude employer.
You should always file the Income Tax Return based on the actual facts. If you find anyting wrong in Form 16, just let the employer know. However, for solving this query, I will require the complete documents related to your salary which you may not like to share in this forum.
hi...in which section can i claim HRA during efiling as i forgot to declare in Form16. Also wanted to know how 80C deduction is calculated as i have wrkd in 2 companies so i have two form 16's, so i need to sum up or i shld claim nly the amnt i invested bcse if i am summing up iam getting mre than 1 lakh but i have invested arnd 60k.Kindly help
For HRA, there is a deduction available on HRA amount received based on some calculations. For 80C, PF and PPF amount is also considered which you are not taking into account.
for HRA suppose that i am eligible for 1 lakh per annum where shld mention that amnt in itr1 form.shld i deduct 1 lakh from below total amount or is there any other where i can fill HRA amnt
| Income from Salary / Pension (Ensure to fill Sch TDS1) |
For HRA, there is some calculation based on the following:
1. HRA received.
2. Excess of rent paid over 10% of salary (basic + da, if terms of employement so provides)
3. 40% or 50% of salary (basic + da, if terms of employement so provides). 50% in case of metro cities.
Least of the following above three is exempt HRA. Balacne is taxable.
@ Nayanaji : In ITR you have to fill up the final taxable salary figure after considering HRA. There is no such provision in ITR 1 to show such exemptions separately. I hope you got the answer.
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