I have switched job on Sep-24. For FY 24-25 I have filled the returns. My new company is asking the income statement from old employer. Iam thinking to get form 16 from old employer and submit to new employer. Then while filing returns there won't be any problem right? Please correct me if any checkpoints are missed.
Do income tax department also put interest on that tax amount, since we are not paying it during 6 months, and we pay it on ITR, is there any interest also? if yes than what % of interest is charged . Consider TDS 5000 every month which is not deducted for 6 months, so total amount will be 5000*6 = 30000 .
During the time of filing returns, if your tax due is more than Rs.10000 then interest is levied at 1% on (assessed tax minus advance tax paid if any). So it's a good idea to pay some advance tax if you have switched jobs and not declared the previous income to the current employer.
Thank you for the feedback. I would love to do videos in Hindi as well, but currently I am afraid I may make grammatical mistakes as my knowledge of the language is not too great. But yes, in the near future for sure..
this happened to me once and now I am switching jobs soon. I'll inform my new co's HR about my pay & taxes YTD. Thanks for this video.
I have switched job on Sep-24. For FY 24-25 I have filled the returns. My new company is asking the income statement from old employer. Iam thinking to get form 16 from old employer and submit to new employer. Then while filing returns there won't be any problem right? Please correct me if any checkpoints are missed.
What happens if I fill out wrong information about salary in form 12b?
I never had a PF account or TDS in previous jobs.
That's ok. When you file your ITR, you will have Form 16 from both employers and you can enter the right data and calculate the correct tax liability.
@@ashekafincan I fill the random income of previous employer so that I can pay my advance tax before 15th march?
How to calculate gross income for the year in case of change of job during the FY?
I am in the similar situation and since I didn’t have taxes to pay, I did not file ITR. What will happen now?
Hey, what happened , have you filed ITR, I'm in a same situation now..
I am sorry I missed reading this comment Kavya. I hope you filed your ITR since. It's one of the best things you can do for your tax records.
You will have to visit jail. Once income tax raid will happen on your house 😂😂
Please reply did you file not not or anything happened if you don't file it
@@sravani2706please reply is anything happened if you don't file the itr
Do income tax department also put interest on that tax amount, since we are not paying it during 6 months, and we pay it on ITR, is there any interest also? if yes than what % of interest is charged . Consider TDS 5000 every month which is not deducted for 6 months, so total amount will be 5000*6 = 30000 .
Simple interest of 1% per month
During the time of filing returns, if your tax due is more than Rs.10000 then interest is levied at 1% on (assessed tax minus advance tax paid if any). So it's a good idea to pay some advance tax if you have switched jobs and not declared the previous income to the current employer.
Kindly make videos in Hindi it's not that we don't understand English but it is difficult to focus on the agenda when the language is different
Thank you for the feedback. I would love to do videos in Hindi as well, but currently I am afraid I may make grammatical mistakes as my knowledge of the language is not too great. But yes, in the near future for sure..