BENGALURU: You should always remember that the responsibility of preparing and filing the tax returns and thereby disclosing the correct information rests on the employees. Therefore, you should take due care while preparing your tax returns to avoid any further inconvenience. Remember that your employers have deducted TDS and you wonder why there is a tax liability you need to pay up, according to yahoo.com.

Failure of Issuing Form 16:

In case Form 16 is not issued by the previous employer due to no tax deduction or any other reason, the employee himself should consider the salary received and tax deducted. He can take the same from the monthly salary slips or his salary statements. This information along with the Form 16 issued by the new employer can be used to file the personal tax return. If any tax was deducted from the previous employer, then he should ensure that he gets the Form 16.

It is important to note that, the employer is liable to penal consequences in case Form 16 is not issued within a specified time period. Therefore, always remember never to take two Form 16s because it always results in a tax due at the time of return filing. Do validate your return with both Form 16, and when satisfied, pay the tax that is due. You may have to also pay interest under section 234B and 234C on the tax payable.

Income Tax Act 1961:

As per the provisions of the Income Tax Act, 1961, if an individual is under an obligation to file his return of income for the entire financial year. Therefore, an individual is required to aggregate his salary income received from both employers during a particular financial year and file his personal tax return accordingly.

Furnishing salary income and TDS:

Whenever an employee leaves his employment and joins a new organization, he is required to furnish information in respect of his salary income and TDS by the previous employer to his new employer. Subsequently, the new employer is required to take into consideration this information and consolidate the same with salary income paid by it and deduct necessary taxes. In case any tax was deducted by the previous employer, he should ensure that he obtains the Form 16.

It is pertinent to note that, the employer is also liable to penal consequences in case Form 16 is not issued within the specified time period. In the personal tax return where details of tax deducted are required to be provided, details of both the employers, tax deduction account numbers and tax deposit amounts should be should be provided.

Conclusion:

Thus, just taking care of these small details can help you file your I-T return correctly in case of switching jobs and you would also be able to avoid any scrutiny by the taxmen in future.

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