How to file tax returns in special cases

When People Change D & # 39; 39, employment in a single fiscal year, they end up with more than one form 16. Chart: Jayachandran / Mint

Normally, it is easy to file your tax return if you are not. There is only one source of income, namely income from wages, but sometimes things can become complex, even for people who only have wage incomes. Form 16s

If you get an increase or a better opportunity in another company, it is unlikely that you are waiting for the new fiscal year to move to action. When people change jobs during of a single exercise, they end up with more than one Form 16.

"In case of change of employment d During a fiscal year, it is important for an employee to declare his former salary and his tax deductions to the new employer.This will imply a correct deduction of taxes by the new employer also taking into account the previous wages of the employer, "said Taranpreet Singh, partner at TASS Advisors, business advisers and accountants.

However, if you have not done so, you have more work to do in terms of calculations, and you might even be required to pay an additional income tax. "If you have not informed your new employer of your 80C deductions made by your previous employer, you could get a deduction twice. In such a situation, you will have to reconcile details while filing returns, "said Shailesh Kumar, director of direct taxation, Nangia Advisors LLP.

While filing returns, enter the taxable income of all employers and enter it in the required column: "In this case, the person must report each part of the wages earned by all the employers for the fiscal year (including the value of the exempt allowances, perquisites, allowances for expenses). The tax due and the TDS deducted by different employers must also be taken into account together in the calculation of the tax, "Kumar said. The rest of the process remains the same

Clubbing Income

"Income clubbing means another person's income is taxed in a person's hand under certain specified circumstances," Kumar said.

For example, if a minor child earns income, he will be in the hands of his parent or guardian who has a higher income. In addition, in the case of couples-husband and wife-if the wife earns income in the form of salary, commission, fees or any other way from a business or company in which her husband has any interest, the income earned by the wife becomes the income of her husband, except when the wife earns income based on a technical or vocational qualification. In such cases, the wife's income is not required to be beaten and the above rule does not apply, Kumar said.

Also, if a person makes an investment on behalf of his wife or minor child, must be clubbed with his income while filing returns. There is no separate ITR form for filing returns, when the badessed member must report the income of one of the family members. The criteria of the RTI forms applicable to an individual apply

Deposit after a delay

It is not mandatory to file a return in case you meet certain conditions. "The RTI filing requirement arises only if a person has taxable income in a given year or if it has foreign badets or liabilities," said Amit Maheshwari, partner, Ashok Maheshwary & Associates LLP. Therefore, there is no need to worry when filing a tax return after a spread. But, "the ITR filing requirement for a year is independent of any other year, therefore, if the person was required to file the return for one or the other of the previous years, but that she did not produce it, she still has to file the return for the current year that is due, "added Maheshwari .In filing tax returns after a spread, n & # 39; Do not forget to take into account changes in the tax return rules.The updating of the basic profile details in your electronic income tax filing account is a must, especially if you drop an RTI after a gap. "One of the most common mistakes that people usually make when filing their return is not updating any changes in their communication address as reported in the PAN registration or the previous income tax return nte. Likewise, it is important to update the e-mail address and phone numbers so that tax authorities can communicate them in a timely manner, "said Mr. Singh.

If you find the process complicated, consult a tax expert, a tax preparer or a chartered accountant The deposit of incorrect returns may cause problems later