Claim of tds refund low and showing more income

This query is : Resolved

D Srinivas Rao (Querist)
Follow

12 September 2015 my client having TDS of Rs. 60000 for the financial year 2014-15. He is a Insurance Agent, apart from this he is not have any source of Income. He says he need only 30,000 as refund from IT Dept. He says show income and pay tax of 30,000 to I T Dept. Plzz suggest

ALOK GOEL

ALOK GOEL (Expert)
Follow

13 September 2015 Assuming TDS as 60k . It means he has 6lakhs income . So he has 6-2.5 = 3.5 lakh is taxable income . Your need to pay actual tax of 35k+ cess . So deduct only about 36k . I hope you are not taking this Tds as per 26AS . If it is as per 36AS THEN he will get refund of 60- 36 24k. Hope now clear.

ALOK GOEL

ALOK GOEL (Expert)
Follow

ALOK GOEL

ALOK GOEL (Expert)
Follow

13 September 2015 60-34=24k refundable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rampal Saini

Shailesh Prajapati

efiletax

ANJANA PALIYATH

kishor wakte

Subscribe Now

Claim of tds refund low and showing more income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANCY

Manager- Finance and Compliance

GST CONSULTANT

CA Final

Accountant