Changed jobs mid-year? Declare the previous salary

Changed #jobs during the financial year? This could impact your #taxes.
Many employees switch jobs midway through the year.
But there’s one small step many people miss.
They don’t declare their income from the previous employer to the new employer’s payroll team.

At first glance, this looks harmless.
But here’s what actually happens.
Both employers apply:
• Standard deduction
• Lower tax slabs benefit
This happens because the second employer only sees the salary they are paying you, not the income you already earned earlier in the year.

The result?
Your TDS gets under-deducted during the year.
The shock usually comes later, when filing your income tax return in July.
Suddenly you see:
• Tax due
• Possibly interest/penalty under Section 234B / 234C
All because the earlier income wasn’t considered.

What is the best way to avoid this?
When joining a new company, simply declare your previous employer’s income and TDS details to the new employer’s accounts team.
They will adjust the remaining TDS for the year, preventing a large tax bill later.

What if you already missed doing this?
You still have an option.
Calculate the additional tax liability and pay the advance tax before March 15.
This can reduce the interest that may otherwise apply.
Advance tax can be paid through the Income Tax Department of India portal.
Short of Cash, the Government accepts payments via Credit Cards, too!

So, which situation are you in?
• Declared your previous income to your new employer
• Paid advance tax yourself
• Or assuming there’s no liability because you’re a salaried employee?