How to file taxes online with multiple Form-16
Online filing of IT returns is not something new, it has existed for quite a few years now. However, the process has been simplified a lot over the years so that now most of you would need to fill up just one form and e-verify it. The tax filing process gets a little bit more complicated if you have had multiple jobs in the financial year, as you would have multiple Form-16. Though it might sound confusing, it is actually easy to e-file your taxes, even if you have multiple Form-16. To file taxes based on all your Form-16, you have to:
- Calculate your consolidated salary income from all the Form-16, include salary received from all your employers.
- Consolidate all your other income from interest, dividend, property etc.
- Calculate all your tax exemptions based on the Form-16. You might have claimed the same exemption/deduction from all employers or not claimed at all. Look at your eligibility and compare it with your claims. Adjust, if needed.
- Check your form 26AS (tax credit statement) to see your TDS details. Consolidate them for calculating the total tax due.
Once all these calculations are done, the next part is the actual e-filing, which is fairly straightforward. However, throughout the e-filing process, do take care to remember that you have had more than one employer in the year so don’t miss out on entering any critical information.
While filling up the income and deductions section, use the consolidated figures you have derived in the steps above.
- Once you have filled up the income and deductions, check the “total income” row, which now shows the total taxable income for you from all your employers, after deductions.
- Next you will need to fill in the TDS details. For all your employers, mention the TAN of the company, gross income before deductions and tax deducted thereof.
- If you have paid any advance tax or self assessment tax, enter that over here. After all the details are entered, the “balance tax payable” section will inform you if you need to pay tax or you have paid extra and need to claim a refund. If you need to pay tax, then pay your self assessment tax as per the calculation. Otherwise, if you have paid excess tax, the refund amount shall be visible in the ‘tax refund’.
Once all these are done, you will need to fill rest of the form similar to the standard e-filing process. Submit the form once all the data is entered and e-verify it. It is advisable to keep tracking your e-filing status regularly, especially if you have multiple Form-16. Depending on the tax you have paid already and your tax liability, you might be eligible to get some refund or need to pay extra tax and this will be reflected in your e-filing home page.