If you have worked in two companies in a financial year, then you will be issued 2 Form-16. Many people know this today, but very few people know that in such situations, you often become liable for advance tax. Due to not paying advance tax on time, you also have to pay penalty and interest. People often come to know about this when they file ITR, because no communication is made by the Income Tax Department about this in the middle of the year.

If you have changed your job 3 times in the same year, then you will be issued one Form-16 from each of the three companies. That is, you will have 3 Form-16. That is, the more jobs you change in a financial year, the more Form-16s you will be issued.

Form-16 shows how much tax has been imposed on you and which deductions you have got. It contains information about the salary you received, the tax imposed on it, the source of your income and all kinds of deductions.

Form-16 has two parts. One of these is Part A (Form 16 Part A) and the other is Part B (Form 16 Part B). Part A contains the company's TAN, company's PAN, employee's PAN, address, assessment year, period of employment. Apart from this, details of TDS deposited to the government are also given in it.

If we talk about Part B of Form-16, it contains information about tax including salary breakup. It tells you what your gross salary is, what your net salary is, how much house rent allowance you have received, how much money has gone into your PF account. Also, you get to know how much professional tax has been levied on your salary and what deductions you have got under different sections. It also contains information about your investments, what you have invested in medical, how much money you have invested in saving plan and what other tax exemptions you have got.

If you have worked in two companies in a financial year, then you will also be issued two Form-16. On the other hand, if your salary is high, then you will also have a liability of advance tax. In such a situation, it is important that you check at the beginning of the year according to your salary whether you have any liability of advance tax. If you have a liability, then pay it on time, otherwise you will have to pay both penalty and interest.

Advance tax is a type of income tax, which has to be deposited with the Income Tax Department before the end of the financial year. It is not paid in lump sum on an annual basis like normal tax, but is deposited in installments. Under this, taxpayers deposit tax in advance with the Income Tax Department.

Advance tax has to be paid by those people whose tax liability is more than Rs 10,000. It applies to employed people, freelancers, businessmen and people earning money in any other way. However, if you are above 60 years of age, those who do not do any kind of business, are exempted from advance tax.

Advance tax is not to be paid in lump sum once a year like normal tax, but has to be paid in installments. It has to be paid every quarter. Its date is fixed by the Income Tax Department. For the financial year 2022-23 and 2023-24, these dates are 15 June, 15 September, 15 December and 15 March.

Even though advance tax is paid in installments, it is calculated for the whole year. You have to calculate in advance how much tax can be levied on you in a year. You can calculate tax on the remaining income according to your tax slab by removing deductions from your income. After this, you will have to pay at least 15 percent of your advance tax on 15 June. At the same time, 45 percent of the advance tax has to be paid by 15 September, 75 percent of the advance tax by 15 December and 100 percent of the advance tax by 15 March.

In the case of employed people, in case of changing jobs, often TDS is not deducted properly by the companies and the liability of advance tax is created. In such a case, you will have to check and deposit the advance tax, otherwise a charge will be levied on you and you will also have to pay interest.