How to calculate and pay income tax when switching companies twice?

Question

Now this is slightly complex (at least for me) and also the first time.

Movement between companies:

• I was with Company A till Mid-November 2016.
• Quit Company A and joined Company B in November-End 2016.
• Quit Company B and joined Company A (again) in March-End 2016.

Now the confusion:

• Company A did not deduct any tax in November 2016 as the overall pay for the year was now less since i was moving out before financial year end.
• Company B deducted less tax in the initial months and then adjusted taxes and deducted huge amounts when I declared income from Company A in December 2016 (this is understood)
• Full and Final settlement from Company B has happened in April 2017 - they did not deduct any tax in April 2017 because for this this income from them was under 5L in this new financial year.
• I received joining bonus from Company A when i rejoined in March 2016 - they did not deduct tax because it was credited within a week of me joining and I did not have much time to get the income from Company B considered.

Questions:

1. How do i calculate now how much of tax i need to pay on my own after considering all of the above?
2. Till when should I do the balance tax payment?
3. How and where exactly to do it? I've never done it myself because in normal circumstances there were helpdesks at the organizations I've worked in and I just used to submit it to them for processing and also have never had complex scenarios like this before.

Any help or pointers in this matter would be great.

Answer 1

How do I calculate now how much of tax I need to pay on my own after considering all of the above?

Add up all the income from Company A till Nov, from Company B till Mid-March and from Company A for March as well as the joining bonus. This is your total income and the tax will be as per tax bracket.

Till when should I do the balance tax payment?

Taxes are to be paid quarterly in Advance, and for last Quarter by 15-April. If your taxes due is below 10,000 you can pay it as "self-Assessment" tax at the time of filing returns. If it is more than 10,000 you have to pay a penal interest at the rate of 1% per month.

How and where exactly to do it? I've never done it myself because in normal circumstances there were helpdesks at the organizations I've worked in and I just used to submit it to them for processing and also have never had complex scenarios like this before.

You can still submit all the details to the helpdesk and they can take care of it.

Alternatively you can do it yourself. You can use the Govt income tax website or tons of other private websites. Once you put in your numbers, the site will automatically calculate the taxes that were already deducted and the taxes that are due including penalty. You can then pay this amount online using Govt Website [or any online Banking portal you have account with. Most banks provide this service]. The form to be used is ITNS280. Depending on what you are paying select the appropriate head; Now your option will be Self Assessment Tax