There are 2 types of scenarios in which an individual may be working for more than one employers in a financial year. they are as follows:
• When he changes his job
• When he is working for two employers simultaneously
In each case the employee needs to provide following details to the employer who will be furnishing Form 16 at the end of the year:
• Detail of the previous employers like its name, PAN number, TAN number
• The breakup of his salary
• Deductions related to Provident fund and details of rent free accommodation, if any
• Deductions under various sections like 80C, 80D, 80E, 80G and 24
• TDS on salary deducted by the employer
• Professional tax paid by the employer
While preparing the tax computation for the employee, the employer will include the details such provided.
What is limit for Standard Deduction?