excess salary paid now recovered

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2010 Amount of Rs. 22000 was paid towards arrears and Income tax also recovered and remitted to govt. account. Now the department says last year amount of arrears was paid in excess due to wrong calculaltion and is now recovered. Then how to calculate IT for prev year. Am I to submit revised returns and claim IT refund. if so for how many years can I submit revised return now.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 June 2010 It is like a nature of advance salary you received wrongly earlier and paid tax also. you can reduce the salary for the current year and accordingly pay for current year Income tax

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 June 2010 AGREE

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2010 what if this year I do not come under tax net with all my savings and HBA intereest, Edu. loan. Then what happens. Last year it was arrears of more than 124000 and 22000 recd. This year I may not come under tax net.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 June 2010 Then only solution ask your employer revise your tax calculation and revise the TDS return for the last year and give the revised form 16 and you revise your return and claim refund

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