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Tax evasion checklist: Taking benefit of basic exemption limit twice in a year
Posted on  
February 14, 2012
 
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When shifting jobs, the new employer assumes that you didn't earn any income in the previous months. Tax liability will be calculated according to the income you earn for the following months that remain in the financial year. This concludes to paying lesser tax than what was supposed.


Ensure that you actively declare that salary was received for the previous months prior to joining the new company.


Here are the common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012):




      About the author
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      Sudhir Kaushik has been a practicing tax consultant for the last 17 years. He is a Fellow Chartered Accountant and conducts seminars in large companies to help salaried employees with income tax and investment queries. Sudhir brings domain knowledge of income tax laws and their compliance difficulties faced by individuals. He is the author of Income Tax Handbook For Salaried Employees for smart financial planning and investments for salaried people. He enjoys an excellent reputation and has a strong network in the corporate sector and public sector undertakings.
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