Changed job Lately?? Things to Do from income tax standpoint
HOME SERVICES FEEDBACK CONTACT US BLOG X Deepti Arora & Co. – Chartered Accountants Changed job Lately?? Things to Do from income tax standpoint 2 August 2018 | accounting, allowances, finance, Form 16, income tax, income tax return, India, ITR, job change, pay slip, payroll, payroll deductions, payslip, salary slip Switching jobs is usual. There are a lot of reasons while people change jobs. Some people change for financial gains while some change for career growth. The reasons can be plenty. Whatever is the reason, there is always an element of excitement of joining a new organization and you have new hopes and dreams with this change. To ensure that this excitement and enthusiasm continues and is not dampened by income tax issues, keep in mind the following points whenever you make a job change. 1. Make sure you always declare your income earned from previous employer to your current employer: I have come across a lot of cases where the employees changed jobs during a financial year and failed to declare the income from previous employer to the current one. The result : while filing their Income Tax Return they not only had to pay the differential tax but also had to pay interest on the tax which was not deducted by the employers. 2. Your tax slab can change when you combine the salary you have received from the different employers. 3. Provide all necessary documents to the employers so that you can claim benefit of exempted allowances, investments made, housing loan principal and interest benefit etc. 4. Don’t claim any exemptions twice: While you will submit the necessary proofs to take benefits allowable under income tax, at the same time ensure that you don’t end up taking any benefit more than once. 5. Don’t think you can hide the salary income: Your Form 26AS would reflect all the employers you have worked for and the salary they have paid to you. The same can be viewed when you logon to the income tax e-filing website: https://www.incometax.gov.in/ The income tax department too have access to this data so don’t think you can hide the salary you received during the year. My advise: next time you change a job, keep all these points in mind to ensure a smooth income tax compliance process. Still have any doubts, call us at 9999017642 Share this post: Facebook-f X-twitter Contact Deepti Arora & Co. – Chartered Accountants Address 811, SIDCO ARAVALI APARTMENTS, GH-1,SECTOR 1, IMT MANESAR, GURUGRAM 122051 Contact Us +91 9999017642 +91 7827261120