Tax planning
Previous employer salary and other income to current employer, Form 122 (earlier Forms 12B and 12BAA)
What this means, checked by a CA
When you change jobs, your new employer does not know what you earned and what tax was cut before you joined. Form 122 tells them, so the year's TDS is right and you do not face a tax bill and interest at filing time. You can also report a home loan loss or other income on it.
₹999
Each time you join a new employer in the year; once a year for other income, + 18% GST
- Delivered in 1 working day after documents
- Due: As early as possible after joining, and not later than 31 March of the tax year
How we do it: IDFD
Every case runs through the same four steps: Information, Discussion, Forms, Deliverables. You see each one ticked as it happens.
InformationWhat we need from you · 7 items
Previous employer's salary certificate
Salary, allowances, perquisites, TDS
Previous employer name, PAN, TAN
Required in Part B
Employment period with each employer
Required in Part B
Last payslip and F&F statement
Gross salary and PF figures
Perquisite details from old employerOptional
Annexure to Part B
Home loan interest and let-out detailsOptional
House property loss in Part C
Other income with TDS or TCSOptional
Part C; reduces TDS only by tax already suffered
DiscussionWhat we discuss · 5 items
How many employers this tax year?
Each one goes in Part B
Same regime at both employers?
Projection must use one regime
Do you want other income taxed through salary?
Avoids advance tax and interest
Any let-out or self-occupied home loan?
Loss can reduce TDS
Any TCS on foreign remittance or purchases?
Can be credited against salary TDS
FormsForms we file · 5 items
Collect previous employer salary, TDS and perquisite figures
Where: Previous employer payslips, F&F statement or Form 130 when issued. Due: On joining
Aggregate the year's salary and project tax
Total salary from all employers minus one standard deduction (₹75,000 new regime or ₹50,000 old regime, Sec 19) and allowed claims; tax on total minus TDS already cut, spread over the remaining months
Where: Our working sheet. Due: Before filing Form 122
Fill Form 122 Part A (employee), Part B (other employers with annexure), Part C (house property loss, other income, TDS or TCS)
Where: Employer's format or official Form 122. Due: As early as possible, by 31 March
Submit to the current employer with supporting papers
Where: Employer payroll or HRMS portal. Due: By 31 March
Check the next payslip TDS and the year-end Form 130
Where: Payslip and Form 130. Due: Next payroll; Form 130 by 15 June
DeliverablesWhat you get · 2 items
Completed Form 122
When: Within 1 working day
Year projection with both salaries
When: With the form
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