Advance Tax | Job Switch | No TDS on April-May Salary and Bonus
This query is : Resolved
22 June 2023
Hi Sir/Ma'am,
I have recently changed job and no TDS was deducted on April, May, and bonus income and total was around 3.25 lac. Now for the Income Tax, I have two options as per my knowledge.
1. Pay advance tax
2. Declare this income with TDS deducted as 0 to new employer to get tax adjusted in upcoming salaries.
I want to go with advance tax option.
If I do this, the tax is around 70k so can I pay the whole in advance. Actually I'm confused with the 15 % on or before june, 45% on or before Sept etc. What are these dates?
And if I pay the whole 70k in advance then to the new employer I will have to show my previous income with 70k as TDS deducted right? So that TDS is not deducted again.
Thank you in advance.
I have recently changed job and no TDS was deducted on April, May, and bonus income and total was around 3.25 lac. Now for the Income Tax, I have two options as per my knowledge.
1. Pay advance tax
2. Declare this income with TDS deducted as 0 to new employer to get tax adjusted in upcoming salaries.
I want to go with advance tax option.
If I do this, the tax is around 70k so can I pay the whole in advance. Actually I'm confused with the 15 % on or before june, 45% on or before Sept etc. What are these dates?
And if I pay the whole 70k in advance then to the new employer I will have to show my previous income with 70k as TDS deducted right? So that TDS is not deducted again.
Thank you in advance.
22 June 2023
It would be advisable to declare previous income to your new employer and need not pay any advance tax yourself. The tax liability will be divided in coming 9 months.
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