Form 16A - filing for returns

5837 views 8 replies

Alex

Intern

26 Points Posted on 05 July 2011

Hi,

I am student doing project in an organisation as an intern.
I am getting Form 16A in every three months.

I got a query on form 16A.
My organisation has deducted flat 10% as tax from my stipend. Am i eligible for tax refund??

For example: If im getting a stipend of 2 lakhs per annum, they have deducted20,000/-
If i calculate according to tax rules, the should be for an amount20,000 (2 lakh - 1.8 lakh), which is merely2,000/-

So my question is that, if i file ITR-4 and apply for tax returns, will i get a refund for the extra amount deducted (Rs 18,000/-) ????
Is it possible or legal ??

Please give an answer to my query

Thanks
Alex

Replies (8)

DAYANANDA K N

ACCOUNTS EXCECUTIVE

575 Points Posted on 05 July 2011

It is legal and certainly you will get. But make sure file the returns with in due date.

Regards

Dayananda

praveen

Chartered Accountant

6971 Points Posted on 05 July 2011

I think they have not taken you as an employee but as a professional.

You please file your income tax return before due date and the most important thing is to specify the correct account nos.

take help of a tax consultant if you do not know how to file it properly.

e filing will help you get your refunds early.

In case you need help in filing your returns at very affordable rates you can contact me at mrpraveen @ live.com

regards.

Alex

Intern

26 Points Posted on 05 July 2011

But some one told me i need to get a balance sheet prepared. And if Income tax ask me for explanation i should give it properly. These words made me to think it may be illegal...is it right?...do i need to get balance sheet for filing this?

Thx

Alex

DAYANANDA K N

ACCOUNTS EXCECUTIVE

575 Points Posted on 05 July 2011

If the amount paid to you is as stipend than it comes under salary and no need to this p&l, balance sheet all.

It amount paid to you is as professional charges than you need to do p&l balance etc...

Regards

Dayananda

Alex

Intern

26 Points Posted on 05 July 2011

Thanks a lot. I will file ITR.

CA ADITYA SHARMA

CA IN PRACTICE

16719 Points Posted on 05 July 2011

Originally posted by : praveen
	I think they have not taken you as an employee but as a professional. You please file your income tax return before due date and the most important thing is to specify the correct account nos. take help of a tax consultant if you do not know how to file it properly. e filing will help you get your refunds early. In case you need help in filing your returns at very affordable rates you can contact me at mrpraveen @ live.com regards.

agreed you can get refund after filing the return

CS,CA F,Numrologi TusharSampat

CS CA F Numerologist Astrologer Graph

85935 Points Posted on 05 July 2011

Originally posted by : DAYANANDA K N
	If the amount paid to you is as stipend than it comes under salary and no need to this p&l, balance sheet all. It amount paid to you is as professional charges than you need to do p&l balance etc... Regards Dayananda

AGREED.

U S Sharma

glidor@gmail.com

21068 Points Posted on 09 July 2011

if the amount paid is salary then sec 194J does not comes in picture, its payment to professional, where the professional has to maintain books of account for his receipts in case of gross turnover ( receipt) is over 1.2 Lacs, and yes he has to make balance sheet/ P/L account also for his professional fees.

depending on the state of living, he is also liable for enrolment in profession tax and pay it on yearly basis.