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Form 12B lets you tell the new employer your earlier salary and TDS for the year, so it deducts tax on the combined amount. If you skip it, TDS will be short and you pay the balance yourself.
ITR
Giving Form 12B to the new employer
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Provisions
Sec 192(2), Income-tax Act 1961 (now Sec 392)
Analysis
Not giving Form 12B is not an offence, but it shifts the tax to the end of the year with interest under Sec 234B and 234C. For the rest of this year, you can still give details so that TDS in the remaining months rises. Next time you switch, give Form 12B in the first month.
Close
- Fill Form 12B with salary and TDS from the earlier employer.
- Give it to the new employer's payroll team.
- Check that TDS in later payslips goes up.
- Plan to pay any remaining shortfall before filing.
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