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  • Writer's pictureGalactic Advisors

4 things to do if you switched jobs during the year

Have you switched jobs in the middle of the financial year? Here's the most commonly made mistakes and things you should definitely keep in mind!

  1. Make sure you share your income details with your new employer We can't stress this enough. Your new employer may assume that you have no other income during the year (and give you the benefit of lower slab rates). You might actually be in the 30% slab. This would mean that the employer has under deducted TDS and you will have to pay tax yourself. We've seen way too many cases of interest liability because of this. Don't miss this!

  2. Update your EPF details Share your UAN number with your new employer. Make sure they don't create a new UAN. More on UAN here.

  3. Submit Investment Declaration You may have submitted an investment declaration (80C, 80D, etc) with your old employer. This is employer specific - does not carry over. Make sure you submit details to your new employer as well.

  4. Exercise ESOPs Some companies allow you to exercise stock options only upto 1-3 months from last date. Make sure you exercise your ESOPs in this time frame.

Need help? Feel free to contact us. Our team of experts is always happy to help!


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