TaxSaral

Section 392(4) / Form No. 122 · was Section 192(2) in the 1961 Act

Multiple Employers — Form No. 122 (earlier Form 12B)

If you change jobs during the year, you must submit Form No. 122 to your new employer disclosing salary and TDS from your previous employer, ensuring correct aggregate TDS.

Who it applies to: Employees who switch jobs during a financial year.

Key points

  • Without Form No. 122, each employer computes TDS independently on their portion — the aggregate TDS may be too low.
  • If the total tax at year-end exceeds TDS deducted, you must pay the shortfall as self-assessment tax + interest.
  • The new employer needs: salary paid by old employer, any perquisites, and TDS deducted — use your old Form No. 130 (earlier Form 16) or salary slips.
  • Filing Form No. 122 is your legal obligation — concealing previous salary to reduce TDS is not permitted.

Worked example

Job change mid-year and TDS shortfall

Rajan leaves Company A after 6 months (April–September 2026) with salary ₹6L and TDS of ₹15,000. He joins Company B at a higher CTC. Company B pays ₹7L for October–March 2027. Rajan does NOT submit Form No. 122.

Company A (Apr–Sep): Salary ₹6L, computed tax on ₹12L annualised → deducted ₹15,000
Company B (Oct–Mar): Sees only ₹7L, annualises to ₹14L → deducts ₹42,000

Actual total salary: ₹6L + ₹7L = ₹13L
Actual tax on ₹13L: approx ₹1,19,600 (incl cess)
Total TDS deducted: ₹15,000 + ₹42,000 = ₹57,000
Shortfall: ₹1,19,600 – ₹57,000 = ₹62,600

+ Section 234B interest on shortfall

Result: Rajan owes ₹62,600 more in tax plus interest for not paying advance tax. If he had submitted Form No. 122 to Company B, they would have computed TDS on the combined ₹13L and deducted the correct amount throughout.

Related sections

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Section references are based on the Income Tax Act 2025 (Tax Year 2026-27). Examples are illustrative; verify with a Chartered Accountant before filing.