Sagar was working with Infosys Ltd. since Jan 2022. But in the FY 2022-23, he got a good job
opportunity at Wipro Ltd. at a senior level. He switched to his new job role in Wipro from 1 st Jan
- Now, Sagar is supposed to file the ITR for Assessment Year 2023-24 i.e. Financial Year 2022-23.
He is confused whether he is supposed to file double ITR.
So he visits his CA firm – Pavan Goyal & Associates for consulting and filing his tax returns
The following queries were satisfactorily solved by Pavan Goyal & Associates - Will there be two ITR for the relevant FY?
Ans. No. There would be only single ITR with two Form 16 given by each employer in
relevant FY - What is Form 16?
Ans. Form 16 is issued by the employer to the taxpayer employees. It contains details of
various Tax deducted by the employer on the salary of the employee. The employer will
issue the Form 16 within the deadline set by the income tax department. So both companies
Wipro and Infosys will provide Form 16 to Sagar. - Will the process be same for filing ITR in case of two employers?
Ans. Yes. Process will be same. Only difference would be the calculations have to be collated
for both form 16.
Following steps would be applicable to calculate the tax liability
a. ITR 1 would be applicable to Sagar since he is having salary income
b. Add the salary received from both the employers manually. Add House rent
allowance, travel allowance and other allowances received. This would be collated
for deduction. Then deduct various investments under sec 80C, 80D, etc
c. Calculate total tax liability, deduct the TDS amount (paid by both the employers)
from the liability. Pay the balance to the IT department or ask for refund if TDS is
more than the tax liability - Can this be done by directly uploading form 16?
Ans. Yes. Many tax filing websites allow you to upload multiple form 16 that will
automatically add your income and collate other details to calculate tax liability
Sagar was quite satisfied with the response that he got from the CA firm Pavan Goyal &
Associates.
Do file your IT return on time. Happy Tax Return Filing!