Tax To-Do list: Non declaration of income earned from previous employer

Every professional today seeks better opportunities that would help him/her chart a great career graph. At times employees change jobs in the middle of the financial year. This leads to the discrepancy in tax calculations vis-a vis the net income of the employee. It is thus very critical to disclose your income earned from the past employers to the new ones. The new employer takes into account the income and deductions claimed by an individual as well as the TDS deducted in his/her previous job. This ensures that the current employer can calculate the correct amount of net income and tax of the employee for the entire financial year.
Here is a checklist that ensures that you save a little extra with efficient tax planning as well as be a smart and informed taxpayer:

• Expand your investment portfolio
• Health is wealth – quite literally
• Claim what is rightfully yours
• Self assessment – a must do
• All sources are good sources- report money from everywhere
• Deadlines matter: honor the due date to file your return
• If it’s exempt, why hide it?