In the race to transfer forward in your profession and to make your self financially stronger, in case you too are pondering of changing your job, then you need to hold some important issues in thoughts. While changing jobs, inform the employer concerning the wage and tax deductions of your earlier firm. If somebody doesn’t do that, he could have to pay penalty or face tax legal responsibility whereas submitting the return. To keep away from all these issues, give details about your funding to the earlier and new firm and take Form-16 from each.
Please share EPF particulars
Along with this, additionally give your EPF (Employees Provident Fund) particulars to your new employer. Always keep away from withdrawing cash from EPF in order that your financial savings don’t scale back after retirement. Apart from this, positively take into consideration linking your present EPF account to your new job. For this, give your present EPF account quantity and Universal Account Number (UAN) to your new employer in order that as an alternative of making a brand new UAN, they’ll create a brand new PF account linked to the identical UAN. With this, it is going to be straightforward to observe how a lot cash has been deposited in EPF.
Take care of the corporate’s medical health insurance coverage additionally
It is additionally important to know what is the medical health insurance coverage of the corporate, how a lot protection is out there in it and on this foundation you may make your private insurance coverage plan. Generally corporations present protection starting from Rs 2 lakh to Rs 5 lakh.
The most important factor is that whenever you swap to a brand new job, strive to improve the wage within the new firm in contrast to the wage you have been getting within the earlier firm. You can use the rise in your revenue due to this for funding or settlement of the mortgage taken earlier.
Don’t overlook to gather Form 12B from the employer
If you’ve modified jobs in the course of the 12 months, then gather Form 12 B out of your employer, which is additionally out there on the official web site of Income Tax. In this, fill the main points like how lengthy you’ve labored within the earlier firm, how a lot you’ve earned from wage, how a lot deduction has been made underneath Section 80C, how a lot TDS has been deducted. This will assist the employer to deduct right TDS as per your new wage. If you need, you may also share the wage slip of your earlier firm with the brand new firm.
