FY 2026-27

Changed jobs this year: give the new employer Form 122

Form 122 is the statement of salary from another employer in the same tax year, plus a house-property loss and tax already deducted or collected. It was earlier Form 12B and Form 12BAA. Section 392(4)(a) says you furnish those particulars at your option. HRA and Section 80C proofs are a different statement, on the new-job page.

Official sources

Section 392, Income-tax Act, 2025. Salary. Subsection (1): deduct at the time of payment, at the average rate for the tax year, on the estimated income under the head "Salaries". Subsection (4)(a): the employer takes the listed particulars into account when the employee furnishes them, at his option. Those particulars can increase or decrease the tax deducted. Subsection (5)(c): the payer may increase or reduce a later deduction to adjust an excess, a deficiency, or a failure to deduct during the tax year.
Form No. 122. Earlier Form Nos. 12B and 12BAA. Corresponding section of the 1961 Act: 192. Corresponding section of the 2025 Act: 392(4)(a). Corresponding rules: 26A and 26B of the 1962 Rules, and Rule 204 of the Income-tax Rules, 2026. Give it to the current employer if you changed jobs in the same tax year. The note expects it at the earliest, and not later than 31 March of the financial year.
Form No. 122 FAQ. Same correspondence table. The FAQ says filing is not mandatory by law. It also says there is no prescribed time limit. You do not upload the form on the income-tax portal, and you do not attach it to the return.
Rule 26A, as hosted. This PDF still says Form No. 12B and section 192(2) of the 1961 Act. It is the older rule. It is not the tax year 2026-27 form.
Tax payments on the e-filing site. Section 392 is TDS on salary. A sum paid or credited on or after 1 April 2026 follows the 2025 Act. A sum paid or credited on or before 31 March 2026 follows the 1961 Act.
Form 16. The salary certificate. Each employer who deducted tax under section 192 issues one. The credit for tax already deducted is on Form 26AS and the Annual Information Statement.
Section 3, Income-tax Act, 2025. A tax year is the twelve months from 1 April.

One form now covers what 12B and 12BAA used to split

The form note says Form 122 merges Form 12B and Form 12BAA. Both old forms existed so the employer could see the employee's other income and the tax already taken, and then deduct the right amount. The note gives the form four jobs.

What you report	Section 392(4)(a)
Salary from any other employer in the same tax year, including taxable allowances, perquisites, accretion to the provident fund, and tax that employer deducted	(i)
A loss under the head "Income from house property" for the same tax year	(iii)
Income under any other head, for the same tax year, that is not a loss. The only loss in this list is the house-property loss above	(iv)
Tax deducted or collected at source under this Chapter for the same tax year	(v)

Clause (ii) of the same subsection is relief under section 157, for a government servant or an employee of a company, co-operative society, local authority, university, institution, association, or body. The Form 122 note and the FAQ do not put that relief on this form. This page does not name another form for it.

Form 12BB, the claims you give payroll for HRA and the other deductions, is on the new-job page. That page does not treat a Form 124 replacement as enacted. Form 122 is not that claims statement.

The Act says "at his option". The FAQ also says "required"

The four lines below are all on official pages. They do not use the same word. This page does not pick one and drop the others.

Source	What it says
Section 392(4)(a)	The employer takes the particulars into account when the employee furnishes them, at his option.
FAQ, who files	A salaried employee files it to report salary from any other employer, or to claim a house-property loss, or to report TDS or TCS on other income. It is not for a person who is not salaried.
FAQ, is it mandatory	Not mandatory by law. The FAQ says it is useful because the deduction then matches the tax already taken, and a refund claim is less likely.
Form note, who should file	An employee should file Form 122 with the current employer if he changed jobs during the same tax year.

Two employers at the same time, and two employers one after the other, are both "any other employer" in clause (i). The form note's "changed jobs" sentence is the second of those. The FAQ's "more than one employer" sentence covers both.

No statutory due date, and a 31 March expectation

The FAQ says there is no prescribed time limit for giving Form 122 to the employer.

The form note says something narrower. It expects the form at the earliest, and not later than 31 March of the financial year, so the liability can be computed and the tax deducted in that year.

The FAQ also says you can hand the form over, or send it through the employer's HR or payroll system if that system takes it. You do not upload it on the income-tax portal. You do not attach it to the return. The same answer still calls the form essential for the income, and for the tax deducted or collected, that the return reports.

Part A is you. Part B is the other salary. Part C is the rest

The FAQ splits the form into Part A, Part B, and Part C. The form note lists the lines inside each part.

Part	What the form note asks for
A	Your name, address, PAN, residential status, and the tax year.
B	Section 392(4)(a)(i). Name, PAN, and TAN of the other employer. Period of employment. Salary excluding allowances and perquisites. Allowances to the extent chargeable. Value of perquisites and accretion to the provident fund. Amounts deducted for life insurance, provident fund, and the rest, to which section 123 applies. Tax deducted during the year.
C(1)	Loss under the head "Income from house property". The house-property page is the interest and the self-occupied cap. This row is only the loss you are asking payroll to use.
C(2)	Any other income chargeable under another head. Not a loss, other than the house-property loss.
C(3)	Tax deducted at source on income under a head other than salary.
C(4)	Tax collected at source.

Part B points at section 123 for the life-insurance and provident-fund deductions. The form note does not restate what section 123 allows. This page does not add a cap.

The annexure is the perquisites and the provident-fund accretion

The form note attaches an annexure to Part B. These are the lines it names. A blank line means the other employer did not provide that item. Do not invent a value to fill the row.

Annexure line, as the form note prints it
Value of rent-free accommodation, or a concession in rent, for accommodation the employer provided
Free conveyance, concessional conveyance, or use of one or more motor cars the employer owns or hires
Remuneration the employer paid for domestic or personal services provided to the employee
Value of any travel concession or assistance, to the extent chargeable
Estimated value of any other benefit or amenity, such as gas, electricity, or water, provided free or at a concessional rate
Employer's contribution to a recognised provident fund in excess of 10% of the employee's salary
Interest credited in a recognised provident fund in excess of the rate fixed by the Central Government

The 10% line is the annexure's own words. The EPF ceiling page is the wage ceiling and the monthly deduction. It is not this annexure.

Payroll deducts on the salary it has been told about

Section 392(1) deducts tax when the salary is paid. The rate is the average rate for the tax year, computed on the estimated income under the head "Salaries" for that year. If the current employer has only its own payroll, that estimate is only its own pay.

Clause (i) adds the other employer's salary to that estimate. Clause (v) adds tax already deducted or collected. The opening words of subsection (4)(a) say the particulars can increase or decrease the tax to be deducted. The FAQ describes the decrease as a credit for tax already taken on the other income, so salary TDS is not worked out as if that tax had never been paid.

Section 392(5)(c) lets the person paying the salary increase or reduce a later deduction in the same tax year. The adjustment is for an excess, a deficiency, or a failure to deduct earlier in that year. The section does not print a rupee figure for the gap, and this page does not add one.

Each employer who deducted tax from salary still issues Form 16. Match the tax on those certificates to Form 26AS before you file. The return is where both salary certificates sit. Form 122 itself stays with the employer. A worked in-hand figure, once you know the combined salary, is the CTC calculator.