1) I have worked in an organization from November 2010 to November 2011... where in I got an form 16 on march for the time November 2010 to March 2011 & another Form 16 this month i.e, may 2012 for April 2011 to November 2011.
2) After resigning I have worked with another company from December 2011 to March 2012, This organization said they are going to generate another form 16 for December 2011 to march 2012 period.
Now, my question is, Is this is the right way to generate 2 form 16 in an single financial year.
If yes, I have no problem.
If no, Please suggest me accordingly.
Regards, Naveen
Guest
Guest
(Expert)
29 May 2012
In your case issuance of two form 16 is in order and right course of action as per law.
31 May 2012
1. It is mandatory to file the income tax return if the income exceeds the exemption limit.
2. However, salaried taxpayers are exempt from filing income tax return if the following conditions are satisfied:
(a) The income is only from salary and bank interest on saving bank (not FDR). (b) The income does not exceed Rs. 5 lakhs. (c) The taxpayer has declared the interest to his employer and the employer has deducted TDS on salary income and bank interest. (d) There is no claim of refund.
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