To compute the income tax and generate Form 16 for employees who joined the organization during the course of the financial year, you have to enter the income received from the previous employer along with the taxes that they have paid.
To specify the Previous Employer's Income/Exemption and Tax Deduction details
● Go to Gateway of Tally > Payroll Info. > Income Tax Details > Previous Employer Details .
To enter the previous employer Income/Exemption Details
1. Go to Gateway of Tally > Payroll Info. > Income Tax Details > Previous Employer Details > Income/Exemption Details .
2. Select the required Employee from the List of Employees , and press Enter.
3. Specify the required Pay Component in the Particulars field.
4. Specify the start date in the Effective From field.
5. Specify the value in the Income Amount field.
6. Specify the value in the Exemption Amount field.
7. Press Enter to save.
To enter the details of the tax deducted/paid by the previous employer
1. Go to Gateway of Tally > Payroll Info. > Income Tax Details > Previous Employer Details > Tax Deducted/Paid Details .
2. Select the required employee from the List of Employees , and press Enter.
3. Specify the Previous Employer and Tax payment.
4. Press Enter to save.