Kshitij Chitransh (CA Article Assistant) (329 Points)
30 October 2015
Miss Rinkal
(Student)
(1309 Points)
Replied 30 October 2015
It is although not mandatory to disclose your income to the other employer. But it is advisable to declare it because anyways tax won't be evaded. But there may be chances, that you land up paying more taxes. I.e say you had income of 500000 from first employer and 200000 from other employer. Your investments eligible for deduction is 150000, then tds would be deducted only on 500000 amt I.e. 8240 considering 2000 rebate (presuming investments shown to first employer).
Your 2nd employer will not deduct any tax as income is below exemption limit
But now when you file your return, you have to pay tax on 550000 (7lacs - 150000) I.e it comes to around 36000 rebate would not be considered as income exceeds 5 lakhs. Tax of around 28000 + interest u/s 234 B,C would be levied as you were subjected to pay advance tax.
Had it been you had declared your income details to next employer, tds would have been deducted accordingly and would not be liable to pay interest
Karthik.V.Kulkarni
(Chartered Accountant)
(594 Points)
Replied 30 October 2015
CAclubindia
