For the ongoing assessment year 2022–23, the Income Tax Return (ITR) filing deadline is July 31. However, individuals who changed jobs during this timeframe might have gotten Form 16 from both their new and old companies. So it makes sense that you would be uncertain about what to do next.
It’s important to note that individuals who have two Form 16s are also eligible to file tax returns and make benefit claims. They merely need to take the following actions:
- Collect Form 16 from your current and previous company.
- Next, add the income earned from both organisations. Many websites allow taxpayers to enter their income and collate other information automatically.
- Now, from your total salary for the entire financial year, subtract leave travel allowance (LTA), house rent allowance (HRA), standard deduction, and deductions under Sections 80C, 80G, 80D, etc.
- After making all of the above calculations, find out your tax liability by adding the tax deducted at source (TDS) by each employer. If any liability is found, pay it first, and then file ITR.
Please also note that these deductions can be claimed only once. Hence, for example, if both the companies have given you a standard deduction of ₹50,000 each, you cannot total it to ₹1 lakh