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By - Amlan Dutta 



 


 


+Vijay Pal , lets do this with a example  Say you worked with TCS for 4 months and LNT for 8 months **************************** Income Part (We use form 16 for this )


 


Your question is how would you fill the income tax return Let's assume for a moment that the assesse is just having salary income so ITR 1 applies Now for both TCS the salary paid was  4 lakhs and for LNT 8 lakhs ........ however this is gross salary


 


 


For both TCS and LNT , check the form 16 Part B POINT 6


This refers to the income under head salary after taking out salary permissible allowances not subject to tax (like HRA , transport etc etc )


Say for TCS the figure is 3.7 and for LNT i is 7.3 lakhs 


 


Now , in the income detail sheet , you will then fill 11 lakhs as income chargable under head salaries  


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TDS part - (For this you shall use the tax credit statement (26 AS)


 


 


In the TDS sheet , you will have to show both deductors in separate rows under TDS  schedule 1 (TDS on salary income ) ...understand both the deductors (employers) are deducting TDS on salary income ,right ? So , make 2 separate entries for TCS and LNT ...


 


For TCS , put TCS TAN and corresponding income from salary (4.7 lacs) and tax deducted by it ( you are taking tax credit in this manner ) Likewise , you make a separate entry for LNT and then again the income under head salary (7.3 lacs ---net income and not gross income ) and again the tax deducted by LNT ...


 


In the LNT row , you will put LNT TAN Note if you put a single company TAN and both tax figures clubbed , you will not get tax credit  because a single company has not deducted combined TDS ......


 


This is very very common mistake everyone makes  


 


Note while you do this , you  stay all together in TDS schedule 1 which is TDS on salary income


 


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 For TDS on non salary (FD interest , rent etc etc ), you will use TDS schedule 2 and not here 


 


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Savings


(3) While putting figures for your saving under Chapter via deductions , be sure that you don't put same figure twice even if companies have given you separate credit For example , the companies may have given you credit of savings of 80 C twice for 1 lakh , but you are en title to it just once ,...so in the return take credit of just 1 lakh , determine your total income  ,taxes due and then using TDS sheet ensure that sum tota of TDS deducted match it else pay of the balance using challan 280 and refelct those figures in schedule IT --finally the sum total of TDS and extra taxes pai din terms of IT should match tax applicable  as per income slabs and computed in income sheet 


 


 


You can also post query on my facebook page at www.facebook.com/filingreturnsonline so that i can show picture solutions with return and guide you to video links matching your customised case so you feel totally comfortable Hope this helps ,


 


 


 Peace ,