More than one form 16
Q. I switched over my company last year July. So I have two Form16 one is from my previous company and other one is of my current company..In my previous company Form16 there is refund amt around 8000. How do I claim this and how do I submit both this form 16
Ans. During the Financial year 2007-2008, the salary income from both the employers will be clubbed together. Thereafter, you will be granted a deduction u/s 80C for investments (maximum Rs. 1,00,000) made by you. Income Tax will be payable on the total salary income from both the employers. Out of tax payable, please deduct the tax deducted at source by both the employers and then pay the balance tax. When both the form 16 are added, This might result into tax payable or refundable. Generally results into tax PAYABLE as you might have taken deduction u/s 80C for the same investments in both the form 16 and a sure cause is that the basic exemption limit of Rs. 110,000/-(Rs.145,000 in the case of female) is given in both the form 16. Further you do not have to attach any Form 16 or any other document while filing income tax return.