Tax calculation for job changed in same financial year

You should give form 12B to your new employer and they will deduct tds accordingly.

Hi,

Pankaj is pretty right. You need to furnished details with respect to prvious employment to your current employer. But hope you have declared all the deductions and exemptions during full and final settlement with your previous organisation.

Thanks

HJ

Thanks for reply.

I have declared 12B to new employer. But was not able to declare all deductions and exemptions during full and final settlement with my previous organisation (Is any issue with this? Do I need to tell my current employer to again look at TDS at their end?).

Also I have calculated tax in FY2010-11xls (all declaration, TDS's were mentioned) and as per that I need to pay 1,000 rs more.

Also, will I be getting 2 form16 or only 1 form16 by current employer is enough?

Again, Many thanks for your reply and time.

I suppose, whatever you hv done are ok at this point

You will get 2nos. Form 16

You need to calculate your final tax payable amount after considering your salary income as well as benefit of full & final settlement of Co.1 and your tax benefit investments. You till then wait for your Form16

For any amount of tax payable after 31.3.2011, a simple interest to be paid @ 1%p.m. u/s 234A

If tax payable is more than Rs.5000/- then interest u/s 234B & 234C also will apply other than 234A

Once I get 2 Form16's (In April-11) by both companies, then do I have to consult a CA to make a consolidated form 16 or can it be done by myself (Assuming here that format/column's provided by both companies are almost same so that I just need to add them)?

Thanks for your reply and time.

Don’t need to consult CA. just add by urself and file your ITR.