Life Insurance - Kotak Life Insurance Company in India
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Income Tax Filing Using Multiple Form 16
  • 17th Jan 2020 |
  • 2,275

Filing your Income Tax Returns or ITR can be cumbersome when you have multiple Form 16. This can happen when you have switched jobs or have more than one employer. But that is no reason to worry! Let’s run through the solution on how to file ITR with two Form 16.

Format of Form 16

The format of Form 16 is decided by the Income Tax Department and remains constant across India. It can be downloaded online from the TRACES website. Form 16 has two parts namely, Part A and Part B. Part A of the form consist of the details of tax deducted and deposited to the government through TDS (Tax Deducted at Source). This section also contains the TAN (Tax Deduction and Collection Account Number) of the employer who has deducted the tax. Part B of Form 16 contains a detailed breakup of your salary, allowances exempted under Section 10, and income tax deductions that have taken place like financial investments, donations, interest earned, etc.

How to File ITR with Multiple Form 16?

You could have a situation that has led you to deal with multiple Form 16 between a financial year. So, how to file ITR without mixing up the taxes? Let’s go through a step-by-step procedure given below:

1. Notify Your Employer about Your Previous Job

Your current employer has to be aware of your previous job if you have had a job change in that particular financial year. If your current employer is not aware of your previous employment, then the taxes by the current employer will be miscalculated as they will only consider the salary they are paying you. Notifying your company about your previous salary eliminates any kind error in computing your taxes.

2. Combine Salaries from All Employers

You have to consolidate the income received from all employers for that particular financial year. If you do not include certain income in the ITR, you can get a notice by the income tax department for not reporting the salary as it is taxable irrespective of TDS being deducted or not.

3. Manage Tax-Exempt Allowances

You have to calculate the allowances that are exempt from tax like House Rent Allowance (HRA) or travel allowance. As the salary structure changes with every job, you may or may not have HRA and if you do, the amount may change. But you can still claim this allowance in ITR if you are not being paid HRA. You have to calculate the amount of house rent exempted for that year from the various income and get refunded in case excess tax was deducted.

4. Claim All the Deductions

After you have combined the incomes earned by you in that particular financial year, you will also have to combine the tax deducted. If you have invested your money in any tax-saving financial instruments, you can claim those deductions under the specific sections like Section 80C. You also need to maintain the documents and proofs related to the income tax deductions for future reference.

5. Cross-Check with Form 26AS

Your Form 26AS contains all the details regarding the TDS deducted from your salary each month by all the employers. This form comes in handy to cross-check your tax calculation and deduction. In case of some mismatch, it should be immediately brought to the notice of your employer and have it resolved before filing your ITR.

6. Tax Dues

There may be some tax dues that are pending when you check due to inaccurate calculation of taxes. This miscalculation could be due to the benefit of tax-saving deduction allowed by more than one employer or the minimum exemption limit allowed by all employers. To avoid this, you can submit Form 12B to your current employer which gives them access to your salary break-up and deductions.

How to Get Form 16 from Previous Employer?

Your employer has to provide you with Form 16 but if they do not, you can request the HR department for one. If you still cannot get your hands on the form, you can calculate the taxes with the help of your salary slips and Form 26AS.

You may have found this procedure tedious which is why there is an easier method of doing this. You could hire a CA or a tax lawyer to sort out this situation with multiple Form 16 for you. This could cost you some money but with the help of an expert, you would be able to file your tax returns with any doubts.

Read Here for More Related Articles:

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Browse our library of resources

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

What is Section 10D of the Income Tax Act?

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

When Should TDS be Deducted and Who is Liable to Deduct it?

Financial Planning and Best investment options for Housewives

How to Check Income Tax Refund Status Online in India

What is Section 80C Deduction?

How to View 26AS and Download Form 26AS Online?

Tax Deductions You MUST Know

ITR 1: Sahaj Form

आयकर स्लैब 2021-2022

Investing Lump Sum Amount

Difference Between Guaranteed and Assured Returns

ITR-6: Guide to filing ITR-6 Form online

Income Tax Deductions for Disabled Person Under Section 80U

How to e-Verify your Income Tax Return

How can I get Form 16B from traces?

What is the TDS Rate on Salary?

What is TDS Exemption Limit?

What is the Difference between Form 16 and Form 16A?

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

Income Tax Deduction Under Section 80CCC In India

Presumptive Taxation for Business and Profession

Section 16 of the Income Tax Act (ITA), 1961

All about TDS on Salary under Section 192 – Kotak Life

What is TDS Refund Process?

What is Section 80C - Explained in Detail

Tips to plan your savings in 2019

Do Beneficiaries Pay Taxes on Life Insurance?

Income Tax Benefits for Doctors

How to file Form 16 online?

TDS Due Dates of FY 2020-21 For Return Filing

A Complete Guide for Filing ITR 3 Form

How to Pay Advance Tax Online in India

Home Investment Plan to Buy Dream Home

Who Should Invest In Savings Plan

Are Financial Planning and Tax Planning the Same Thing?

A Comprehensive Guide to Understand the ITR 7 Form

Types of Riders in Insurance Policy

Top 8 Tax-Saving Methods in India- Budget Planning

Can You Get Term Insurance Without Income Proof?

Pradhan Mantri Suraksha Bima Yojana

What To Do If Your TDS Is Not Deposited With The Government?

What is Salary Protection Insurance and Why You Need It

Tax Saving Tips: Best Ways to Save Income Tax for 2021

What is a savings plan?

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

How Much Money This Budget 2019 Can Help You Save

What are the Different Types of Taxes in India?

How to File Form 10E for Tax Relief on Salary Arrears?

भारत में महिलाओं के लिए सरकारी योजना

Penalty For Late Filing TDS Return

Income Tax Exemption for Physically Handicapped Dependent

How to save tax for salaried person?

How to File Form 16 for Salaried Employees?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Tax Benefits of ULIP Plans Available for NRIs

Section 44AD of Income Tax Act for AY 2021-22

Guide for Tax Calculation on your Salary

Tax Saving for Self Employed in India

Section 80G of the Income Tax Act

Section 80E: Tax Exemption on Interest on Education Loan

How to File ITR Online

What is Section 80CCC of the Income Tax Act 1961

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

Why January Is an Important Month for Saving Tax?

Tax Benefits for Startups in India

Excess TDS Deduction – Claim TDS Refund

Should one prefer a guaranteed savings plan over monthly income schemes?

इनकम टैक्स रिटर्न कैसे फाइल करें?

How to Check Income Tax Returns Status Onine?

How to Download Form 16?

Impact of GST on Life Insurance in India

Have You Considered Term Insurance a Part of Your Tax Planning?

Income Tax Filing For NRI in India

Budget 2019: Impact on the Common Man in India

Understanding Tax Exemptions in ULIP (Old and New)

What is the Percentage of Tax Deducted at Source (TDS)?

Insurance and Endowment: Everything You Need to Know!

Union Budget Highlights – 1st February 2022

Difference between Section 80C, 80CCC, 80CCD & 80D

What is Section 80C Deduction Limit?

Tax Benefit of Investing in Term Plan

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

What is the Maximum Maturity Benefit in Assured Savings Plans?

All You Need to Know About Section 80C

Saving Income tax in 2017 - 18

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

धारा 80सी आयकर अधिनियम, 1961

Challan 280 - How to Use Challan 280 to Pay Income Tax

5 Unusual Investments You Didn't Know for Saving Taxes in India

How to Calculate returns on an assured savings plan?

How to Save Income Tax with Insurance

Tax Saving Options for Salaried Employees

What is ITR & How to File Income Tax Return?

Problems People Face with Tax Returns after a Job Change

What is Tax Deduction at Source (TDS)?

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

ITR 2 Form – Complete Guide

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

Tax-Savings Investments and Options in India

5 Popular Tax-Saving Schemes in India

Tax-Free Income in India

Why is Form 16 Important?

What are Direct Taxes? How to Avoid being Overtaxed?

How to File Income Tax Return for First Time Tax Payers

Income Tax Exemption for Disabled

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

How to File Income Tax Return - Everything You Need to Know

Why Tax Planning Should Be an All-year Round Activity

Financial Benefits and Government Schemes Every Woman in India Should Know

Sub-sections Under Section 80C of the Income Tax Act, 1961

How to Get Form 16?

धारा 80डी आयकर अधिनियम, 1961

List of Important Income Tax FAQs

Tax Structure in India

What is the Difference Direct Tax and Indirect Tax

Section 80C Deductions as per Income Tax Act, 1961

How To Save Tax Better with 80C

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

Guaranteed Return Plans-Why is it a must for you?

How To Save Tax Using Life Insurance?

Save Income Tax by 31st March: Here Is a Checklist

E-Filing of Income Tax Returns in India

All about TDS Payment Online & Due Dates

What are Deferred Savings Plans?

Types of Income Tax Return (ITR) Forms

How to File Income Tax Return without Form 16

How to File TDS Return?

Things to Do After Filing Income Tax Returns

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

Tax Saving Options other than Section 80C

How to Check Income Tax Refund Status Online in India

What Is Advance Tax and How Is It Calculated?

How to e file ITR on Income Tax Government Portal

What is Form 26AS - All You Need To Know

What is ITR 5 Form and How to File ITR 5?

What is Form 16A?

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

What Investment Options Come with Tax Incentives?

What is Form 16B?

Interest Imposed Under Sections 234A, 234B and 234C

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

9 Income Tax Myths That Could Cost You Money while Filing returns

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Tax Exemption and Scope of Coverage

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

8 Things to Help You Select a Savings Investment plan

Income Tax Deductions Under Section 80C

How to Save Tax on Salary Arrears?

Tax Season Is Coming- Know How to Save Tax

How to View 26AS and Download Form 26AS Online

What is TDS Slab?

Tax Saving Guide for 2019-20

Tax Planning and Tax Benefits of Life Insurance