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Chief
Your total income till march end will come out to be approx 8.5 lakhs (2.5 + 6). So that will certainly be taxable. Even if it is 8 lakhs, still you will be liable to pay some tax.
Yes, if your total income is below tax slab, your tax liability will be zero.
Were you unemployed before? How is the total earnings around 6 lakhs for this financial year?
If not what was your salary before?
Chief
4.9
Your calculation is not correct as pery understanding. Next year you will be getting 2 form16. One from each company. And the income tax calculation will be done based on the total income. During ITR next year, you might end up paying a big amount. I would suggest to consult with a tax professional before hand so that you can be prepared.
Chief
At present also I was not paying any tax as my ctc was only 4.9 lpa. Just in this new job I got 12 fixed lpa and now Im in tax slab for the first time.
Rising Star
2.45+6=8.45 as per the new tax regime you will have to pay 41,080 tax.
If you have deductions then select the old tax regime and bring it down.
Rising Star
You have two options. First option is to share your previous company's Form 16 with the current employer and they will deduct the tax applicable and provide you a merged form 16 in June next year.
The second option is to pay the applicable tax at the time of ITR filling next year. Income from both the employers will reflect in your ITR, just verify it using both the Form 16 and pay the tax due. But you will have to pay the interest for late payment.
I'd advise the first option. Reach out to your payroll team and share the previous company's Form 16 with them. They will add the 2.45L in the tax sheet and deduct the tax on a monthly basis till March 2024.