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How
to handle a
JOB CHANGE?
Whether you get an
exciting new career opportunity or fall victim to corporate
downsizing, you're likely to switch jobs at some point--perhaps
often--in your career. However, leaving a job and starting
a new one can create a number of implications for your tax
and your benefits. |
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1.
How a Job change will affect your taxes?
Remember that compensation you receive when you leave
a job would be taxed, so make sure you subject them
to a Tax Deduction. The same is true for any earned
leave you encash at the time of quitting. Also, ask
your employer for the final Form-16. Your former employer
isn't required to send it to you right away, but must
provide it by April 30th of the year after you leave
the company--the same deadline you would have if they
still employed you.
2.
Tax Deducted at source
A new job offers you a fresh start to get your TDS in
order. Take time to fill out your Tax Declaration for
your new employer. The number of "allowances"
you claim on that form determines |
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3. Your Retirement savings
Changing jobs can
create havoc with retirement savings. If your stint with the
existing company is less than 5 years, you may be better off
transferring your balance to your new employer's account.
Ask your former boss to send the money directly to the
new account. If part of your salary is invested in your company's
stock, be sure to check out the capital gain implications
before you sell out, It might so happen that waiting for a
few more months could save a lot of money.
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