Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more


Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Problems People Face with Tax Returns after a Job Change

Here’s a look at some issues you may have to face with your Income Tax Returns after switching jobs. To know more about filing tax returns after job change, Visit Now

  • Mar 10, 2021

As exciting as a new job can be, it can also be very intimidating with so many changes. One of which can be filing your tax returns after the job change. Job changes can lead to some confusion in salary slips. The increase in income, added benefits, allowances, etc., can impact your tax liability. Moreover, when you change jobs within a financial year, you get a form 16 from all of your employers. This can often cause misconceptions and errors in filing tax returns.

Here are some problems that people face when with tax returns after a job change and how they can solve them:

1. Incorrect calculation of tax by the employer: Due to several reasons, some people do not inform their new employer of their previous job’s salary structure. By hiding this information from the employer, the new company is forced to calculate income tax solely based on the salary it pays. There is no acknowledgement of the tax that the previous company has deducted at source. This causes miscalculations for the taxpayer.

Solution: Always inform the new employer about the previous salary structure.

2. Not receiving form 16: Even after quitting a job, the employer is obligated to provide its employees with form 16. This document is essential in filing tax returns. Many people forget to ask their previous employer for this form and face trouble later.

Solution: Ask the employer for a form 16 to avoid last-minute hassles.

3. Not mentioning salary from part-time jobs: Even if a person has worked with a company for only a month, the salary drawn must be accounted for while filing tax returns. Forgetting to add previous salaries and income information can lead to discrepancies in tax filing. The income tax department can also issue a notice in this regard.

Solution: Mention all salary sources, including income from freelance roles and part-time jobs.

4. Rechecking all exceptions and allowances: Allowances can differ from job to job. For instance, not all employers give a house rent allowance (HRA) to their employers. In addition to this, with an increase in income, an individual may like to invest their money in investment and savings schemes. This too can bring some element of confusion while computing taxes.

Solution: Make sure to check the allowances offered by a new employer. In the case of HRA, remember to submit rent receipts of the financial year well in time. Tax deductions can be claimed under Section 80C, 80D, 80G, etc. In case of new tax savings strategies and investments, consult a financial advisor for better advice.

5. Discrepancies in form 26AS: Form 26AS contains information of Tax Deducted at Source (TDS) through the financial year. In the case of multiple deductors, this form will contain TDS by all of an individual’s employers. Any discrepancies in form 26AS and form 16 can result in the incorrect computation of tax. Sometimes, in the case of a job change, there may be a difference in the figures on the two forms.

Solution: In order to be entirely sure, it helps to compare and verify form 26AS with job payslips and bank statements. If there is any inconsistency in numbers, it is crucial to inform the new employer and have it solved before tax filing begins for the concerned year.

Kotak’s tax-saving guide

Kotak’s tax-saving guide helps taxpayers ascertain the right practices when it comes to income tax filing. It can help individuals understand suitable ways to save tax by investing their money in plans that enable them to build their savings corpus.

Download Brochure


  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999


Download Brochure


  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Challan 280 - How to Use Challan 280 to Pay Income Tax

What is the TDS Rate on Salary?

Income Tax Deduction Under Section 80CCC In India

Maximize Your Savings: Tax Tips for Salaries Above ₹20 Lakhs

Union Budget 2023 and Tax Exemptions on Life Insurance Premium Over ₹5 Lakhs

What is the Difference between Form 16 and Form 16A?

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

What Investment Options Come with Tax Incentives?

Have You Considered Term Insurance a Part of Your Tax Planning?

Do Beneficiaries Pay Taxes on Life Insurance?

धारा 80सी आयकर अधिनियम, 1961

8 Things to Help You Select a Savings Investment plan

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Easy ways to make personal savings plans

Tax Benefits of ULIP Plans Available for NRIs

Section 44AD of Income Tax Act for AY 2021-22

How Do Assured Savings Plans Work and Why You Should Consider One?

How to File Form 16 for Salaried Employees?

Highlights of the Union Budget 2023-24

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

Saving Plans to Give Children a Debt-free College Education

Tax Structure in India

What is Salary Protection Insurance and Why You Need It

ITR 1: Sahaj Form

भारत में महिलाओं के लिए सरकारी योजना

How to Check Income Tax Refund Status Online in India

How to Save Tax on Salary Arrears?

9 Unusual Investments you Didn't Know for Saving Taxes in India

What is Section 80C Deduction?

9 Income Tax Myths That Could Cost You Money while Filing returns

Basics of Guaranteed Savings Plan

E-Filing of Income Tax Returns in India

All about TDS Payment Online & Due Dates

Is PF Withdrawal Taxable for NRI?

How to File ITR Online

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

Complete Savings Plan for Low Income Earners

Home Investment Plan to Buy Dream Home

What is Form 16B?

Tax Saving for Self Employed in India

What is TDS Exemption Limit?

What is EEE in income tax? 5 tax-free investment options to become crorepat

Section 80E: Tax Exemption on Interest on Education Loan

Tax Season is Coming- Know How to Save Tax

What is Tax Evasion, and What are the Penalties for Tax Evasion in India?

How to save tax for salaried person?

Who Should Invest In Savings Plan

What are Direct Taxes? How to Avoid being Overtaxed?

Tax Deductions You MUST Know

Tax Planning and Tax Benefits of Life Insurance

Tax-Savings Investments and Options in India

Saving Income tax in 2017 - 18

What Is Advance Tax and How Is It Calculated?

Tax Saving Options for Salaried Employees

Tips to plan your savings in 2022

TDS Due Dates of FY 2022-23 For Return Filing

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

What is Tax Deduction at Source (TDS)?

इनकम टैक्स रिटर्न कैसे फाइल करें?

What are Deferred Savings Plans?

12 Tax Changes in Budget 2022 that May Impact Your Personal Financial Planning

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

What is the difference between TDS and TCS?

Insurance and Endowment: Everything You Need to Know!

Should one prefer a guaranteed savings plan over monthly income schemes?

Income Tax Calculator: How Life Insurance Policies are Taxed? Explained

How To Save Tax Using Life Insurance?

Difference between Section 80C, 80CCC, 80CCD & 80D

Things to Do After Filing Income Tax Returns

Personal Finance - How to Deal with Emergencies When Preparing Finances

How much gold can you keep at home? Limits and income tax rules explained

A Comprehensive Guide to Understand the ITR 7 Form

3 Tips to Buy Guaranteed Savings Plan

What is the Difference Direct Tax and Indirect Tax

Post Office Savings Scheme - All You Need to Know

Key Changes of the Union Budget 2023 You Must Know

How to Check Income Tax Refund Status Online in India

What is Form 26AS - All You Need To Know

Investing Lump Sum Amount

Income Tax Exemption for Disabled

How can NRIs prevent double taxation in India?

What are the Different Types of Taxes in India?

What is Section 10D of the Income Tax Act?

Union Budget 2023: Impact on Life Insurance

Should you prefer a Guaranteed Savings plan over monthly income schemes?

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

Form 16, Form 16A, and Form 16B?

ITR 2 Form – Complete Guide

Why PAN Card is Essential for Income Tax Filing?

List of Important Income Tax FAQs

How to Pay Advance Tax Online in India

धारा 80डी आयकर अधिनियम, 1961

Income Tax Filing Using Multiple Form 16

What is Form 16A?

How to File Income Tax Return for First Time Tax Payers

All You Need to Know About Section 80C

How can I get Form 16B from traces?

What is Section 80C Deduction Limit?

How to Get Form 16?

Financial Benefits and Government Schemes Every Woman in India Should Know

All about TDS on Salary under Section 192 – Kotak Life

Tax Exemption and Scope of Coverage

How to Claim a Tax Refund?

What is Rule 132 of Income Tax? How Does it Affect You?

Why Tax Planning Should Be an All-year Round Activity

Income Tax Benefits for Doctors

Section 80C Deductions as per Income Tax Act, 1961

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

What is Section 80C - Explained in Detail

How to file Form 16 online?

Income Tax Deductions Under Section 80C

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

Impact of GST on Life Insurance in India

What is a savings plan?

Understand ITR4 Form: How to Fill, Structure & Determine Your Eligibility

Sub-sections Under Section 80C of the Income Tax Act, 1961

What is TDS Refund Process?

How to File TDS Return?

Guaranteed Return Plans-Why is it a must for you?

How to Download Form 16?

How to Check Income Tax Returns Status Onine?

Guide for Tax Calculation on your Salary

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Tax Saving Options other than Section 80C

What is indirect tax and its types?

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

How to create a savings plan and make good investment choices

Income Tax Exemption for Physically Handicapped Dependent

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

How to e-Verify your Income Tax Return

स्रोत पर कर कटौती (टीडीएस) क्या है?

Presumptive Taxation for Business and Profession

What is the Percentage of Tax Deducted at Source (TDS)?

Budget 2019: Impact on the Common Man in India

What To Do If Your TDS Is Not Deposited With The Government?

Money Saving Tips for Single Women

How To Save Tax Better with 80C

All You Need To Know About Assured Savings Plan

How to create wealth through a savings plan?

ITR-6: Guide to filing ITR-6 Form online

Income Tax Filing For NRI in India

Importance of Savings Plan You Need to Know

Tax Saving Guide for 2019-20

Tax Planning Tips for a Newly Married Couple

Understanding Tax Exemptions in ULIP (Old and New)

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

How Inflation Affects Savings and Investment?

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

Interest Imposed Under Sections 234A, 234B and 234C

All you need to know About Tax on Inheritance

What is capital gains tax, and how it works?

How to File Form 10E for Tax Relief on Salary Arrears?

Why is Form 16 Important?

What is ITR 5 Form and How to File ITR 5?

How to View 26AS and Download Form 26AS Online?

TDS rules on the sale of jointly owned property

What is the Maximum Maturity Benefit in Assured Savings Plans?

How to File Income Tax Return without Form 16

How to Save Income Tax with Insurance

How to View 26AS and Download Form 26AS Online

Pradhan Mantri Suraksha Bima Yojana

When Should TDS be Deducted and Who is Liable to Deduct it?

How to File Income Tax Return - Everything You Need to Know

What is ITR & How to File Income Tax Return?

What is Section 80CCC of the Income Tax Act 1961

Penalty For Late Filing TDS Return

Plan your Daughter's Wedding With Best Monthly Savings Plan

Top 8 Tax-Saving Methods in India- Budget Planning

Personal Finance - Meaning, Importance, and Tips for Personal Finance

Types of Income Tax Return (ITR) Forms

What is TDS Slab?

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

Why January Is an Important Month for Saving Tax?

Financial Planning and Best investment options for Housewives

Invest in Tax-Free Bonds: Understanding the Benefits and Who can Invest?

How to Boost Your Savings with Guaranteed Results

Tax Saving Tips: Best Ways to Save Income Tax for 2021

Are Financial Planning and Tax Planning the Same Thing?

A Complete Guide for Filing ITR 3 Form

Income Tax Effects on Salary Deductions in the Union Budget 2023

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

How to e file ITR on Income Tax Government Portal

Difference Between Guaranteed and Assured Returns

Tax Benefits for Startups in India

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Tax Rate Chart for FY 2022-2023: What is TDS Slab?

Section 80G of the Income Tax Act

Can You Get Term Insurance Without Income Proof?

Section 16 of the Income Tax Act (ITA), 1961

How to Calculate returns on an assured savings plan?

Best Savings plan for the middle class in India

Tax-Free Income in India

Save Income Tax by 31st March: Here Is a Checklist

Income Tax Deductions for Disabled Persons Under Section 80U

Types of Riders in Insurance Policy

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

आयकर स्लैब 2021-2022

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

5 Popular Tax-Saving Schemes in India

What is better - Guaranteed Savings Plan or Fixed Deposit?

How Much Money This Budget 2019 Can Help You Save

Tax Benefit of Investing in Term Plan