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Excess salary paid

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Querist : Anonymous

Querist : Anonymous (Querist)

21 December 2013 Excess salary paid last year and recovered this year...
Is it taxable under income tax act

@VaibhavJ

@VaibhavJ (Expert)

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

Nikhil Kaushik

Nikhil Kaushik (Expert)

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.

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