InvestorQ : I switched two jobs last year and I am now working in the third company. Will the Form 16 provided by my current employer suffice for filing my income tax?
natasha Samani made post

I switched two jobs last year and I am now working in the third company. Will the Form 16 provided by my current employer suffice for filing my income tax?

Answer
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seema Upadhyaya answered.
1 year ago


No.

Irrespective of how many jobs you switched, you will need all your previous employers to provide you with Part A of the Form 16s.

Please note, if you change your job in a financial year, then every employer who has employed you will issue a separate Part A of Form 16 for you, for the period you were employed with the company.

Part A for the Form 16 is generated and downloaded through the TRACES portal, by the employer. Before this certificate is issued, the employer checks it for its validity and accuracy of its contents.

Some of the components of Part A are:

- Employer’s TAN or Tax deduction and Collection Account Number

- Employer’s and Employee’s Permanent Account Number (PAN) details

- Addresses of employee and employer

- ***essment year

- Period of employment

- Summary of the amount of TDS deducted from your salary every quarter

- Summary of the TDS deposited with the government

- Certificate of monthly deductions

Please note, you do not need Part B of the Form 16 from all your previous employers. The Form B of your current employer will suffice for income tax filing purposes.

Form 16 Part B

Part B of the Form 16 is a consolidated summary of salaries you received in a financial year as well as the deductions you claimed. If you have changed your job in a financial year, then it is up to you to decide if you want Part B of the Form 16 from both the employers or from the last employer only.

Some components of Part B of Form 16 are:

- Salary breakup

- Deductions allowed under Income Tax Act (under Chapter VIA)

- Total taxable income

- Tax deducted from your income