Changed job during financial year

Hi Sai

You made a mistake of not telling a fact at the time of joining. Anyway now it is better to disclose previous employer salary and tds details to current employer for tax computation purpose. If your not in a position to do the same. I suggest you to get Form No.16 from both the employers and disclose total income without any ommision while filing Your ITR.

If you does not disclose your income properly in ITR then you will have to face legal consequences.

Hi Harish,

Thanks for your reply :)

I have few doubts:

1)Suppose case 'a' is I inform my current company about my previous earnings and case 'b' is include Form 16 from previous company during ITR. Is the extra tax paid same in both cases?

2)Will my current company come to know that I worked before if I follow case b?

Could somoene please reply to my two doubts ....? I would be thankful to you :)

It is the accounts department which handles the taxation matter. You may request them to deduct "some more" extra TDS on your salary without disclosing any  income in writing as you would like to get refund from the Department.

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Thanks Paras Bafna for your reply :)

I don't think my company accounts people will deduct more tax (TDS) just by requesting them unless I provide necessary documents for the same. In my case it would be to disclose them that I already worked before and provide my previous employers' salary and IT computation details.

Suppose in case 'b', I declare in my current company that I didn't work before and I provide Form 16 from both the companies during ITR, will the extra Income Tax I need to pay will be high than in case 'a'? I heard from some one saying that if I declare that I didn't work before, then 36% extra will be charged. I want to know if this is true.

Also will my current company come to know of my previous employment if I follow case 'b'?

Thanks for all your replies :)

What ever is not being thought by you, may also be true. If your request is not accepted than only you may take option b.

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There will be no difference in ultimate tax liability.  If you are in the highest slab after totalling all, then only 30% Tax is levied. Tax depends upon the slab in which your total income falls. 

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If your differential tax liability is more than 10% of your over all tax bill (>10000), to save interest U/s 234 B , you should pay the amount before 15th March as Advance Tax.

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Thanks Paras Bafna for your quick reply :)

I would try what you suggested, but I'm wondering what reason I have to say when I make that request (to deduct more TDS) to them (accounts seciton). Could you give some tips here?

Also hoping that the March 15 date that you mentioned is March 15 2013, could you please tell me how do I pay advance tax online? I only have a PAN and no account created online so far.

Thanks,

Sai.

Advance Tax payments can be made through net banking also. 

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You can say that I am expecting cash gift from my friend Paras Bafna but he has not disclosed the amount. 

"You please deduct " SOME MORE"  THOUSANDS .  

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If you do not want to receive gift from me ....Sai... tell any non-relative's name  who is likely to become your relative.

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Thanks Paras Bafna, Thanks very much for your advice :) :)

I will try paying advance tax through internet banking. 

Thanks,

Sai.

Sai

     Mr Paras Bafana is absolutely right............... and for ur information at the time of tax deduction accts depts never ask so much  information for extra tax deduction...... they will deduct as u will ask them to deduct