Previous employment declaration while changing companies
Hey folks, if someone changes a company midway in the financial year, does it make sense to submit the financial details of your previous employment to your new employer? Asking because your deductions are taken into consideration separately in both the organisation if you don’t submit the details. There are 2 cases here 1. You submit, and fix your tax for the rest of the year 2. You don’t submit, save on the actual tax you’d have paid otherwise, and then pay during the ITR. That extra tax you saved, can earn you handsome money if you are in the 30% bracket What are the pros of the first approach and cons of the second approach?
FancyChino64
Stealth
a year ago
if your company accepts the details of previous employment salary details and TDS, better give the details...
According to section 234 tax provision, tax has to be paid in regular timelines over the year, if not paid there will be penalty .. so if you pay maximum tax at end during ITR, there will be penalty for sure...
New company needs to estimate how much tax you have already paid to decide how much tds they will have to deduct. So these docs you need to submit
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