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Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2011 Dear All,

Does an individual mandatory required to submit his previous employer salary details and tax details in his new company if he changes his job in a particular financial year.

If yes can you please provide me a write up for this.

Thanks

RAJESH

RAJESH (Expert)

18 November 2011 It is not mandatory. Its optional but preferred as the basic exemption limit shall be provided by both the organization in case the disclosure is not made and hence the individual assessee has to pay the tax on the income computed after considering his total salary from both the organization. Due to this, he may have to pay interest u/s 234B and 234C also.
The individual can give a copy for Form 16 issued by previous employer to his new employer.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2011 Thanks Rajesh.

If an individual has not disclose the previous employer salary and the new organization is also providing the base limit and because of getting base limit exemption from both the companies an individual is paying less tax in a Financial Year.
Does the new company has done any kind of default in the eyes of Income tax law ?
What is the onus of the new company in this regard ?

RAJESH

RAJESH (Expert)

18 November 2011 There is no default on the part of new company as the onus of disclosing lies with the individual.
As i told earlier, we should pay the tax to the Department (considering our salary from both the organization) as Advance tax or self assessment tax in case we dont disclose it to the new company.

RAJESH

RAJESH (Expert)