ITR
Working out self-assessment tax after a job switch
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Facts
Self-assessment tax is total tax on your combined income, plus interest, minus TDS from all employers and banks and any advance tax.
Provisions and law
- Sec 140A, Income-tax Act 1961 (now Sec 266)Balance tax and interest are paid before filing the return.
- Sec 234B, Income-tax Act 1961 (now Sec 424)Interest of 1% a month when advance tax paid, including TDS, is less than 90% of the tax assessed.
Analysis
Total salary ₹16,00,000, less ₹75,000 standard deduction, gives ₹15,25,000. New regime tax is ₹1,08,750, plus 4% cess makes ₹1,13,100. TDS from both employers is ₹78,000, so ₹35,100 is due, plus interest. Pay it in e-Pay Tax under self-assessment tax for AY 2026-27.
Conclusion
- Compute total income and tax with cess.
- Subtract all TDS and advance tax.
- Add 234B and 234C interest.
- Pay through e-Pay Tax as self-assessment tax.
- Enter the challan in the ITR.
A Savvy can do this for you
Return after a job switch with two or more Form 16s
₹1,499
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