New Delhi: The Income Tax Department has fixed the last date for filing returns for the financial year 2021-22. Individual taxpayers will have to file their Income Tax Return (ITR) by 31st July.
Although the salaried person does not find it very difficult to file the return, if you have changed jobs during the financial year, then preparing for filing the return will have to be done in a different way. Actually, on changing jobs, you get a salary from two institutions in the same financial year. This means that you will have to include the details of salary received from two places along with other details in your income tax return.
Form 16 is the most important document
The most important document for a salaried person in filing his income tax return is Form 16. It is issued by your company or employer. By the way, by June 15, companies have to issue Form 16 to their employees by June 15. In this, along with having complete information about your salary earnings, there are also the details of TDS deducted by the company. For this, you will get the details of HRA, exemption under 80C, and standard deduction from Form 16.
Did you get your form 16?
As mentioned above, it is necessary for companies to issue Form 16 to their employees by 15th June in any case. Your new company or existing employer will make it available on time, but the old company may have delayed sending it. It would be better if you mail or call your old company as soon as possible and ask for Form 16 of the last financial year.
What to do on receipt of Form 16
First of all, check the Form 16 from both companies thoroughly. You add up the earnings from both the companies. Part B of this contains the details of your total salary, which will also include the claims made for tax exemption and allowances that are outside the tax net. You add both HRA and LTA of Form 16 and also add the amount of any other tax-exempt option. This will give you an idea of how much tax exemption can be availed. You also get the benefit of a standard deduction of Rs 50,000 every year from the Income Tax Department.
If Form 16 is not received then!
Even if an employee has not received Form 16 from the company, he can still file his income tax return. For this only salary, slip will be required. On the basis of the salary slip, you can calculate the taxable amount by adding your total salary received during the year. In this, you can file your return by including earnings from other sources.
