Dear Rahul, to make things simple try to do the following:
- Obtain a Form 16 from the new company stating the salary paid to you from the respective date of joining to the end of financial year and Tax deducted thereof on that amount.
- Note: You cannot quote your investments/Insurance/housing loan (if any) on both the form 16's.
- Report to any one of the employer if you have any other source of income.
- Your previous employer can issue Form 16 only for the period (ie. 1 April to 14 Sept 2008 you worked under him in the capacity of an 'employee'.
- Since you have resigned on the date mentioned above there is no 'employer - employee' relationship.
- You work for him during weekends in the capacity of a 'consultant' and not an 'employee'.
- The tax deducted for the above amount paid to you will be reflected in a statement of non salary TDS called 'Form 16 A'.
- To sum up, you will have three forms viz. Form 16 - two, form 16 A, @ year end.