19 September 2008
I worked in a company as CEO & Director in a section 25 company as an employee and later the auditors claimed that it being deemed as a public company the salay paid was in excess than as prescribed u/s 309 of the Companies Act. Hence I refunded the entire renumeration for the FY year 2005-6, 2006-7, 2007-8, and 2009-10.Can I deduct the amount paid back to my employer from my this year's income as my income has been taxed for the previous years ? Currently I am a management consultant earning a professional income.
If brief: what is the best way to get the refund for all the years : 1. By adjustment as above. 2) By filing the revised returns (kindly note that intimation u/s 141 has also been received 3) And/or u/s 264 of the IT Act, 1961 Or by any other means .
In short my responses to querries are as follows:
1. Whether the assessments were completed.
Only intimation & the refund cheque was made
2. Whether the company deducted tax at source
Yes the company had deducted the taxes at source as well as returns were suitably filed as well.
In addition, the tax returns for all the respective previous years was files on time.And Tax liablity for the assessment year 2008-9 as based on the salary & Income from House & Property.
20 September 2008
please make one thing clear have u filed your return for the respective previous year.You have also not yet mentioned what was your tax liability for the assessment year 2008-2009?
21 September 2008
Yes, the tax returns for all the respective previous years was files on time.And Tax liablity for the assessment year 2008-9 as based on the salary & Income from House & property.
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