POSTED BY February 21, 2014 9:42 am ONE COMMENTON
I changed my job recently and came to know that I have to submit Form 12B to declare income from previous employer. I have received provisional Form 16 from previous employer. When I was going to submit the form 12B to my current employer, I asked him that the form 16 generated by them will contain total income including my previous employer income or not. He told me that form 12B will be used to calculate your income tax and the same will be deducted at source but they are not going to include previous employer income in their form 16.
He also advised me not to submit the form 12B as I can manually calculate my income tax by adding previous employer income with current employer income. I am not sure whether it is the best way to calculate my income tax using the above method. I have read on some blogs that if an employee furnish his previous employer income details in form 12B then it is the responsibility of the current employer to include that too in their form 16. I know that while calculating my income manually, I have to consider the exemptions only once and I must add both the incomes to get the final net income and calculate the tax accordingly. I would appreciate if anyone can help me in this regard.