10 hours ago
Switched jobs this year? Here's how to file your ITR right
Switched jobs or worked for more than one company this year? If yes, your income tax return (ITR) needs extra care. Many people forget that salaries from all employers must be declared. Missing this can lead to unwanted tax notices or extra dues the financial year 2024–25, if you got paid by two employers, maybe you changed jobs mid-year or did multiple roles, you must add up all income, check your deductions properly, and make sure you don't claim the same exemption YOUR FORM-16 DETAILS CLOSELYForm-16 is your main salary proof from each employer. While filing your tax return, pay close attention to what's in your your total (gross) salary, the allowances and deductions claimed from your salary, any deductions under Chapter VI-A like 80C or 80D, and your TDS (tax deducted at source).
If you worked for more than one employer in the same year, make sure to report each salary and related deductions separately in the ITR form. Don't mix them up; each employer's income should be shown in its own section. This helps avoid overlaps and CAREFUL WITH DEDUCTIONSOne big mistake is claiming the same deduction twice. For example, Section 80C lets you claim up to Rs 1,50,000 a year, and not Rs 1,50,000 for each job. So, add up all your actual investments and claim the total, not the sum reported by both TDS CORRECTLYadvertisementYour ITR has a separate 'Schedule TDS' section. Here, mention each employer's TDS with their name and TAN number. If you switched jobs, the new company may not have counted your old salary and TDS. If that's the case, you might have to pay extra tax yourself as Self-Assessment Tax, before filing the if you've changed jobs this year, spend a few extra minutes checking your numbers. Reporting all income and claiming only what you're eligible for will keep your taxes in order and help you avoid penalties.- EndsTrending Reel
