Income Tax Return Filing: For Assessment Year (AY 2021) Income tax return (ITR) deadline to fill (30 November) is approaching. Often the salaried employees change their jobs in the middle of the financial year, then do not file Income Tax Return (ITR), but this is wrong. Income tax experts say that if you have changed jobs even between FY 2018-19, then the returns of both the companies should be filled by combining the income.
Suppose if you have worked in one company in the financial year 2018-19 from April to September and in another company from October to March. In this case, you will have to give details of income from the first company to the other employer (company). With this you will be able to fill the returns with ease. According to Chartered Accountant (CA) Kailash Goduka, if you change jobs in the middle of the financial year, then you should file your income tax return by adding income from more than one employer. Often we do not give information of our first employer to our second employer. For this reason, both employers give a minimum tax free income exemption. but When we file the return Then we are surprised how much tax was made.
Give Form 16 information of both companies
If you have worked 9-10 months in a financial year in one company and the remaining 2-3 months in another company, then there will be no problem in filling ITR. You will get Form 16 from both companies. You have to give information of both Form 16 in ITR. If you give information of half-incomplete income in ITR, then it will be considered wrong. In such a situation, you may have to face an income tax notice.
Also read- ITR is not filled by doing thick transaction, so be careful! This is the plan of income tax department
Leave the job and do business, then fill this form
If you leave a business in the middle of a financial year or leave a business and then do a job, then you cannot fill ITR Form 1, that is easy. ITR Form 3 should be filled if leaving a job or a business.
ITR 1 form or seamless
Salaried and whose total income is up to 50 lakh rupees. This income is salary, one house property, interest income and agricultural income up to Rs 5,000. ITR-1 or SAHAJ is for them
Capital gain on a property or asset or a person who owns a large house has to fill the ITR-2 form. Not for businesses and jobs.
ITR Form 3 (ITR-3) is for those who are earning from the profits or gains of business or profession.