Excess salary paid
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 December 2013
Excess salary paid last year and recovered this year...
Is it taxable under income tax act
Is it taxable under income tax act
21 December 2013
Hi
Yes, its taxable.
You are required to ask your employer to furnish Revised Form 16 & on the basis of the same you can revise your ITR & claim refund of excess TDS deducted.
Thanks//VaibhavJ
Yes, its taxable.
You are required to ask your employer to furnish Revised Form 16 & on the basis of the same you can revise your ITR & claim refund of excess TDS deducted.
Thanks//VaibhavJ
21 December 2013
alternatively let the employer make the adjustment in current year's Form 16.
For eg: if you are supposed to receive Rs 100 each for two years and received Rs 120 in the first year. and Rs 20 was returned in year 2. the show only Rs 80 as salary in year 2.
Revising return is not a very good option these days as they remain unprocessed for a long time.
For eg: if you are supposed to receive Rs 100 each for two years and received Rs 120 in the first year. and Rs 20 was returned in year 2. the show only Rs 80 as salary in year 2.
Revising return is not a very good option these days as they remain unprocessed for a long time.
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