Employment with two employers

For the first four months of the year, i have worked with differnt employer, from august onwards I m working with different employer. If i look at the individual income recived from different employers then I am not liable to pay tax considering various allowances etc, however on the other hand if I club the income received from both the employers then the total tax payable is more than Rs. 10K. As of now i have not disclosed my previous employement details to my current employer so they are not deducting any tax, but somone told me that in that case at the end of the year when i will file the return i will be liable to pay tax along with interest U/s 234.

Please let me know whether I am liable to pay taxalong with interest in this case? 

Replies (3)

Riddhi, you have to disclose your salary income from the previous employment to the new company. Based on that, they can assess your total taxable income and start deducting tax at source. Please do this immediately because your company will get more months to spread the tax amount to be deducted before March 2013 and you will not have to suffer loss of salary at the end of the year. Non disclosure of previous income will make you liable to pay tax on your entire income (previous + current) and you will have to pay interest U/S 234B/ C of the Income Tax Act if no TDS was deducted.

Agree with Milind.

Hello

You have to disclose your previous employment income and i agree with Milind points

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