Income Tax Return: Have you also been issued two Form-16s? Know when this happens and what you should do in such a situation..

The last date for filing an Income Tax Return i.e. ITR, 31 July 2024, is fast approaching. Filing ITR is the easiest for any employed person. This is because he already gives the information of his investments to his company and his company pays him salary after deducting tax (TDS). After this, the company issues Form-16, using which you can file ITR in a pinch. But what if you are issued 2 different Form-16s? After all, how will you file ITR in that situation?

When are 2 Form-16 issued?
Form-16 is issued by the employer of every employee. In such a situation, if a person has worked at two places in a year, then he will also have 2 Form-16. Suppose you have worked at 2 places in a financial year, then you will have two Form-16s that year.

More From-16s can also be issued
If you have changed jobs 3 times in a single year, then you will be issued one Form-16 from each of the three companies. That means you will have 3 Form-16s. That means the number of jobs you change in a financial year, and the same number of Form-16s will be issued to you.

What is Form-16?
Form-16 shows how much tax has been imposed on you and what deductions you have availed. It contains information about the salary you received, the tax imposed on it, the source of your income, and all kinds of deductions.

Form 16 has two parts
Form-16 has two parts. One of these is Part A (Form 16 Part A) and the other is Part B (Form 16 Part B). Part A contains the company's TAN, company's PAN, employee's PAN, address, assessment year, and period of employment. Apart from this, details of TDS deposited to the government are also given in it.

Part B is very important
If we talk about Part B of Form-16, then it contains information about tax including salary breakup. It tells what is your gross salary, what is your net salary, how much house rent allowance you have received, and how much money has gone into your PF account. Also, you get to know how much professional tax is levied on your salary and what deductions you have under different sections. It also contains information about your investments, what investment you have made in medical, how much money you have invested in a saving plan, and what other tax exemptions you have got.

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