Form 16 multiple employers, tax benefits options

Hi Tilak,

In case you pay tax in May 12 you will not be required to pay any penalty, as you are filing your I-T return in time i.e before 31^st Jul,12.

The investment that you were unable to submit to your employer & also the medical bills,  the benefit of the same can be taken by you while computing your tax liability & filing your tax return.  In this case you will be eligible for tax refund as your tax liability would be less than that computed by your employer.

You can tax benefits u/s 80G regards donations paid to eligible organizations upto a maximum of 10% of your adjusted Gross Total Income

In case of your flat you will be eligible for deduction u/s 80C for stamp duty & regt cngs paid max upto Rs. 1lacs

Thanks for the elaborating.  It clears many confusion in my mind.

1 query still remaining :How to provide supporting evidence to Income tax office, while computing tax liability? Generally we give to employers (and I assume, they give it back to ITO).  

Sorry Tilak, I missed to mention that point.  There is no requirement to provide the investments proofs while filing the return.  But you will have to keep preserved teh proofs, so that if the ITO makes any demand you can show him the proofs.

We submit the xerox copies to the empoyers & the employer keeps it wiht him. He does not provide the same to the ITO.

if a person has worked in two govt. deptt.and he has income from

Ist employer: 200000 and tds deducted is 2000.(april to sep 2011).

IInd employer: 265000 and deducted 8500 (from oct 2011 to mar 2012).

there he got tax exeption of 1,80000 in each case,so while return income tax form 16 will show tax acc. to this .

pl tell me how file it return with details.

Mr Manoj,  how can the assessee get the exemption twice on his income from salary received from two employers. While calculating the taxable income, income in aggregrate from all the sources is considered & tax is calculated by applying the exemption limit of 1.80lacs on the total income taxable.

So how can the assessee get the exemption twice for the salary received from two employers in the same F.Y.