Ewen Burns’ Post

For many within tax it is appraisal season, and the most common questions I am being asked are: - what is my current market rate? - what should I ask for in my performance review? - what could I get if I move? Whether you are looking at an in-grade increase or going through promotion, our tax salary guide provides a breakdown of salary expectations across grades and disciplines. Regardless of whether you are planning to make a move, understanding your current rate and what you could achieve elsewhere is paramount. Take a look at our insights in our 2024 Tax Salary Guide: https://lnkd.in/epufmaqU For a more detailed discussion or personalised salary benchmarking please do not hesitate to contact myself, or one of the team: Practice - Stuart Feeley / Emma Harriet Cooper VAT - Rebecca McKerral BSc LLB CTA Financial Services - Holly Hatton Commerce & Industry - Oliver Baggs Interim - Tasha D. #taxmarket #salaryguides #knowyourvalue

‼️Employees Can Now Enjoy Greater Tax Savings on Salary: New TDS Rules Simplified: The Central Board of Direct Taxes (CBDT) has recently introduced updates to income tax guidelines, making it easier for salaried employees to claim tax credit for Tax Collected at Source (TCS) or Tax Deducted at Source (TDS). Under the new provision, added to Section 192 of the Income Tax Act, 1961, and outlined in the Finance (No. 2) Act, 2024, any TCS or TDS applicable under Chapter XVII-B or Chapter XVII-BB will now be included when calculating salary tax deductions. This amendment also brings a new addition to the Income-tax Rules, 1962. The introduction of Form 12BAA requires employees to report specific tax details to their employers, who then use this information to adjust TDS on salary. In the past, employers calculated TDS based solely on employees' declarations of eligible investments and expenditures. However, with this update, employees' TCS and TDS from other sources will now also be factored into their tax deductions. Thanks to Form 12BAA, employees now have the opportunity to lower their tax deductions more accurately, leading to potentially higher take-home pay. By keeping employers informed, this change is a step toward making tax compliance easier and more transparent for salaried individuals. As an HR enthusiast, I’m excited to see this update simplifying tax procedures for employees. This change could improve financial planning for employees, offering better clarity and benefits directly on their paychecks. By - Anurag Saxena

Happy Budget Day all! As a tax recruiter, I'm closely following the upcoming changes outlined in the budget statement. Anticipated adjustments include modifications in how carried interest is taxed, applying indirect taxes to private school fees, alterations in capital gains tax, NI contributions, and pension relief. If these changes impact your business or personal finances, or if you are seeking reassurance for your salary and package negotiations heading into 2025, please get in touch for confidential benchmarking. Additionally, check out our 2024 salary guide for broader trends: [Link to Salary Guide](https://lnkd.in/eugKmCTP) #BudgetDay #TaxUpdates #SalaryGuide #2025Outlook

2/2 Submit salary proofs and tax documents on time Salaried individuals should ensure that they submit proofs for flexible salary claims [like house rent allowance (HRA), leave travel allowance (LTA) etc] and tax documents for deductions under Sections 80C, 80D, etc., to their employers on time. In its absence, you might not be eligible to claim certain deductions, such as HRA and LTA. Deductions under section 80C can be claimed directly at the time of ITR filing. Make best use of Sections 80C and 80D If you have opted for the old tax regime, allocate Rs 1.5 lakh towards avenues eligible for deductions under Section 80C. Choose investments that align with your financial goals and tax saving should only be a by-product of the financial strategy. Section 80C investments include Equity Linked Savings Schemes (ELSS), Public Provident Fund (PPF), life insurance premium, etc. Section 80D allows deduction of medical insurance premium up to Rs 25,000 for self and family and Rs 50,000 for senior citizen parents. Review Annual Information Statement Check Annual Information Statement (AIS) and review the incomes appearing there. If you find any incomes reported in the statement inaccurate, report them to avoid potential income tax mismatch. Proactive tax planning before the financial year-end can significantly reduce your tax burden while maximising savings and investment opportunities. By following these simple guidelines and leveraging available tax-saving avenues, you can ensure financial prudence and compliance with tax regulations.

Tax professionals in the Netherlands are in high demand. But what are employers looking for? According to our latest tax salary guide, businesses require tax specialists that excel in areas of; transfer pricing, tax automation or compliance and reporting process optimization. Download our tax salary guide 2024 to find out more and benchmark your salary: https://lnkd.in/gPc_Z6dW #BrewerMorris hashtag #tax hashtag #taxrecruitment hashtag #taxsalaries

No one banks heavily on pre-election, conditional promises, hence few if any surprised by status quo on the payroll tax...see story below for The Winnipeg Chamber of Commerce thoughts and more. #taxation #economy #manitoba #business https://lnkd.in/eMW9ZtFf

What is the most tax efficient director’s salary in 2024/25? As a director of a limited company, you decide how much to pay yourself in order to maximise tax reliefs and minimise your tax bill. Most limited company directors pay themselves a combination of salary and dividend. The way you structure you director’s remuneration to be the most tax efficient will depend on your own circumstances and the number of directors and employees your company has. 👉Check out our advice on how to pay yourself tax efficiently in 2024/25 here: https://lnkd.in/eNZr3vTV

Things to remember after Switching Job: 1.Declare salary from your previous employers - Form 12B: When you change jobs, you should tell your new employer about the salary you received from your previous job during the current financial year, including any final settlements. Form 12B need to filled for the same and submit to your new employer. This is important because your new employer calculates your TDS based on your total income for the year. If you don't provide your previous salary details, less tax might be deducted now, but you may have to pay more later when you file your tax return. 2.Pay advance tax to avoid interest: If you forgot to disclose your previous employment salary, then it's advisable to calculate the difference tax liability and pay the tax in advance. If your tax payable exceeds ₹10,000 when filing your ITR, an interest will be levied under section 234B and 234C. 3.Collect Form 16: While filing Income Tax Return we need to declare details as per Form 16, each employer will generate a separate Form 16 for the relevant year. Collect all the Form 16s before filing your Income Tax Returns to avoid any mismatch of details. 4.Deductions and Exemptions: Ensure you claim all eligible deductions and exemptions like HRA, LTA, and other allowances. Even if these details are already submitted to the previous employer again you need to Inform your new employer to consider these while calculating TDS.

   💡 Switching Jobs Mid-Year? Here’s What You Need to Know! 🚀 If you're a salaried employee changing jobs within a financial year, it's crucial to manage your documents and understand the tax implications. Here’s a quick guide: Documents to Submit 📋 1) Form 16 📝 From your previous employer, showing your salary and TDS details. 2)Relieving Letter 📄 Official document confirming your exit from the previous company. 3)Salary Slips 💵 Last 3 months' salary slips for accurate salary break-up. 4)Income Tax Declaration Form 📑 Disclose your earnings and TDS from the previous job. Tax Implications 💼 1)Consolidated Income 🧾 Total income from both employers will be considered for tax calculation. 2)TDS Adjustment ⚖️ Ensure accurate TDS deduction to avoid underpayment or overpayment of taxes. 3)Investment Proofs 📂 Submit proofs of investments made for tax-saving (under sections like 80C, 80D, etc.). 4)Form 12B 🗂️ Provide this form to the new employer detailing income and TDS from the previous job. Why It Matters? 💡 1)Avoid Double Taxation: Proper documentation ensures you aren’t taxed twice. 2)Accurate Tax Liability: Helps in calculating the correct tax liability, preventing surprises during tax filing. Switching jobs can be smooth and tax-efficient with the right preparation! 🌟 #JobChange #TaxPlanning #SalariedEmployees #FinancialYear #TaxDocuments #Outrightfinance

New York employers are set to face another increase in their Federal Unemployment Tax Act (FUTA) tax rate in 2025 due to the state’s ongoing federal loan balance from the pandemic era. In this #AnchinAlert, Alan Goldenberg, Esq., Principal, and Leader of the State and Local Taxation (SALT) and Tax Controversy groups, discuss the implications for businesses and the steps employers should take to prepare for these changes. https://hubs.la/Q030Bzym0