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Income from previous employer

ITR Filing 924 views 2 replies

lifesucks12all

Eng

28 Points Posted on 26 July 2011

Hi Experts,

Last financial year I have changed my organization and thus has 2 form-16 with me.

Both my employers has done TDS on the individual salary heads by them.

But now If i combine both the form-16, the combined income falls in the next salary bracket and thus I may have to pay additional tax. :-(

Now how can i save this tax ? Can i not show the previous employer Form-16 and file ITR only with the current ITR ? what are the obligations if I do so ?

since the last date is approaching fast, please help me !!!!

Regards,

Prashant.

Replies (2)

CA Nitu Agarwal

CA M.Com

266 Points Posted on 26 July 2011

You will have to show income from both the companies in your ITR and pay tax if it arises. If you show only one company's income, then same amounts to tax-avoidance.

But you can go to a CA for tax planning. After considering your CTC break-up, he/she can advise you which allowances/income are exempt from tax.

CA Nitu Agarwal

CA M.Com

266 Points Posted on 26 July 2011

You will have to show income from both the companies in your ITR and pay tax if it arises. If you show only one company's income, then same amounts to tax-avoidance.

But you can go to a CA for tax planning. After considering your CTC break-up, he/she can advise you which allowances/income are exempt from tax.