My salary is around 96k as gross. I joined this new company 2 weeks ago. So till next FY how much will be my income tax. As per my calculation in this new org tax will be 0? As total income till next march is around 6 lakh. Am I wrong here? Please help me to understand the tax procedure in my case.

like
Posting as :
works at
You are currently posting as works at

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.

like

Yes, if your total income is below tax slab, your tax liability will be zero.

helpful

Were you unemployed before? How is the total earnings around 6 lakhs for this financial year?
If not what was your salary before?

like

4.9

like

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.

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.

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.

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.

Related Posts

Will Amex restricting guess access for Centurion Lounge actually make any difference?

I can see short term changes but the way Amex has been aggressively marketing Platinum card, we just will have overcrowding of primary card holders 🤷🏻‍♂️

What's next, everyone has to spend min. 50k a year to get Centurion lounge access or pay per visit.

likeuplifting

Anybody having experience good/bad about investing through Wint Wealth? Seems like a good way to diversify the liquid portion of the portfolio......if I am greedy this looks better than those liquid funds and a 100% safer than those too.
Also what independence disclosures will apply after the NSDL being made mandatory brokerage account....for Wint Wealth related investments

like

Anyone else has two Amex plat and why?

like

What stocks do you look at to swing trade?

like

Can the $7k HSA limit be for myself + kids, or does it have to be myself + SO + kids?

like

Phone and Internet bills reimbursement claim in Grey HR. With this claim are we getting Income tax exemption or reimbursement of cost. Can someone clarify it.

like

Does anybody have any experience working on fiverr or upwork? Is it worth it for some extra cash? What are some other options?

like

Have 700K USD worth of invested assets (less real estate, cash/receivables, and precious metals). if I need 4K USD per month for expenses, can I now coast?

like

Noogler question: are approved Amex expenses from concur directly paid by google to Amex? Or I gotta to pay? My expense was approved but has not yet been fully received in my account..

like

If you could buy a house in nyc, would you pick west village, Williamsburg, ues, uws, or Astoria?

like

Thinking about buying a house in La Mirada and start a family soon. Any thoughts on La Mirada area?

like

I am new to DI...can someone please tell me is it mandatory to claim telephone and LTA...can't we change it to taxable component ? Because I need more In hand

like

What are some of the things that were a MUST when buying your first home and what were some things that you were more flexible with and why? I’m having a discussion with my partner about what we absolutely need and what can be worked on later.

like

Anyone got a loan with Guaranteed Rate? Started looking for a condo(Chicago) and keep seeing them pop up. Looks like they charge $1290 lender fee, but wanted to see if anyone had experience with them

like

I’m currently signed on a contract for my first house for new construction that has gas heating. I have not lived in a house with this before and this entire time have been battling the anxiety of it even with detector. The house, location, and price is all everything I could dream of. Any advice on what to do in this situation?

like
like

Hi fishes

My package is 25.5 LPA fixed. Can someone suggest which tax regime would be better for me. As of now I do not have a home loan to claim tax benefit.
Also what could be the in hand salary in my case.
PF deduction : 153000

like

Does anyone have experience with defi yield farming? It seems like a great way to make passive income, but I’m hesitant on how I can report the profits for my taxes. It seems pretty difficult to keep track of. Any opinions would be appreciated!

like

What might be the ripple effect in real estate? When is a good time to get in?

like

Los Angeles, ACD (art), 34, $150k

More Posts

like

Any pregnancy safe vegetarian collagen recommendations?

like

You CAN be that leader that people want to work with. 1st, self assessment is required. Be honest: As a leader,have you engaged in/accepted Attribution Bias with a dash of gender &/or race bias? (See the pic) This is something we all need to be aware of as we lead our teams, provide performance feedback, & model the behaviors we'd like to see more of on our teams. Be on the lookout for Attribution Bias in yourself & on your team. It's a hindrance to creating a high-performing, inclusive culture.

Post Photo
likesmart

I struggle with perfectionism and anxiety and this job seems to not help. How can I learn to be less of a perfectionist in a job that highly rewards this kind of behavior?

like

Feeling very anxious. I have no idea why or about what. I just feel this lump in the pit of my stomach and a tightness in my chest and worry/fear on my mind. Like something very bad is about to happen

like

Hi looking for software Engineer openings. I've an experience of 2.5 years working as a backend developer in Java spring boot, batch, hibernate, and AWS services in a fintech product based company. I've been certified as an associate AWS developer.

like

I run a small SaaS startup. I am looking for a growth manager for my company, who can wear multiple hats. She should be able to do presales as well as helping me in the building strategies for the company. Any help, what should I look for in an ideal candidates? Any suggestions about how would I interview candidates? Thanking you in advance!

like

Any meditation stories on recovery anyone willing to share? Did you have break through moments during meditation?

like

Are global sabbaticals possible in TAS (from US to UK)

like

How to move from Barclays India to Barclays UK?

like

Anyone work in tech and blockchain? What exactly do you do?

like
like

Hey 👋 need help with Charlotte compensation for federal tax seniors in PA! Evaluating an offer and any advice is much appreciated. Thank you.

like

Does anyone else feel that calling some minority SA hires “diversity fellows” and the like is somewhat of a dog whistle? If top firms were really committed to DEI, wouldn’t they just hire more unrepresented SAs rather than making them advertise that they were hired as a part of some woke initiative?

like

Is anyone looking for a pair of tickets to Young The Giant at Red Rocks tomorrow night? Have a pair of reserved seats I can't use and don't want them to go to waste. Should be an awesome show.

like

ZS fish, possible to come in and work 50-55 hours a week? Or should I expect 60+? Interested in firm & work but just can’t keep working from 9-10 every day anymore. Wondering if I should apply or just hang up the hat and go to industry

like

What are the best consulting companies to work for in life science consulting? Specifically for supply chain.

like

How many hikes are there in Wipro every year?

like

What is the maternity leave policy of PWC and for how many children it is available?

like

Hi all!
My mother in law got scammed by a con artist from the UK online and lost $7K (damn you Facebook!)

Her status in the US is currently complicated and she doesn’t have a green card(tho she’s working on it), my wife(her daughter) is American.

I want to report this to the FBI’s elder fraud department but I don’t want to complicate her situation even more.

Does anyone know if criminal stuff like this and immigration related things are separated?

like

Additional Posts in Tech India

like

Off the topic.. being in IT field and living in Bangalore, what do you think is best renting a house or opting for a home loan and paying similar emi for 20 years?

like

What is the minimum salary required to be able to save 3 lakhs per month in Glasgow (wife is not working)?

like

Is it safe to join CISCO? I have heard the layoffs happens there yearly.

like

Hello All, needed some advise, I have offer from freshworks of 50 L/A and other offer from 314e startup company with 48L/A but they are giving after 2 years US visa processing they will start, should i consider on the second offer?

like

Hi, can anyone refer me in IBM for Python developer position.

like

Did anyone knows/ heard about the companies
Novus, sidinformation and cactus
Which are offering work from home for tableau developer or BI lead
Are these companies are good to join with 5 to 9 years exp
When job security and high pay and work from home these 3 major things I am looking for.

like

Hi Is there anyone from a product based company?? I am from Pune and working as a Lead recruiter(IT Recruitment) with one of the service based organisations. Can anyone refer me to any product based organisations in Pune. It's been 9+ yrs working in service based organisations now wanted to explore a product based environment.

like

Suggest some courses to get better at excel

like

Hello folks,

My current ctc is 23lpa and I have offer of around 36lpa in India
However i am getting an onsite opportunity In Denmark, what should be my expected ctc there? Considering the country is much expensive. If anyone has done research regarding cost of living in Denmark earlier, please share your thoughts on this, it would be very helpful. They are willing to offer 60k euros, but I feel 36 lpa in india is better deal. Companies are equivalent.
6 years exp in frontend with vuejs

like

Just want to cry out here.🙃

I'm not good at my tech stack. I've somehow managed to perform all my tasks without any escalation/blunders but that also by some help/googling.
I also managed to switch from an Indian mnc to a reputed company and now also somehow cleared a FAANG interview,but i know I'm not much knowledgeable in my tech .

I often fail at some interviews badly.
Not sure till when I'll be able to carry forward by this and the hard wlb at FAANG companies is giving me a fear.

likefunny

At what point does the value of a degree fall off? I'm in my early 30s, and have five years of experience, and work on a very theoretically interesting project. I believe I'm on track to promotion in the next year. So, I could put in a year of full time school to check the box off, but I'd be sacrificing hobbies and social life (not to mention cost). Is this FOMO or is there real opportunity here?

like

Hi Fishes, I've 2.25 Years of experience in SAP Basis, but I've lost interest in the same due to not receiving proper training, inability to practice on customer's system and shifts. I'm looking forward to go for MBA/changing technology, which one would be a better option? In case of the latter can you guys suggest lucrative technologies which has little/no coding and can definitely give good packages? I've tried changing jobs in Basis for nearly one year and didn't get through. Please help me.

like

Do all FAANG companies offer a joining bonus?

likehelpful

Anyone from PwC SDC. /AC?
Need referral for Data Scientist or Machine Learning roles.

like

Hi folks need your suggestion here it would help me i guess . I have been working as manual tester for 3.5 years. I tried learning coding and felt difficult so gave up on that. Right now i feel i should switch to a customer facing role because i think it's a good fit for me and also it seems quite interesting and engaging. Have on offer in hand with a better company for the role customer support specialist L3 . Should I take up this offer ? Or i can stay in Manual Testing my whole life ?

like

Hello everyone,

I wanted to know how long does Course5i take to release an offer, I cleared all rounds last friday and was going to get an offer from HR early this week (by Monday evening or Tuesday) but didn’t get any offer till now.

I loved the role and I am still excited to join the organisation so mailed a follow up to the HR yesterday but did not get any response till now. I do not want to follow up for the next 1-2 days since I feel it would be too pushy from my end.

like

IT is what has put India on the map!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal