Income tax return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 November 2014
I HAVE RECEIVED SALARY FOR THE WHOLE F.Y. 2013-14 AND TDS WAS ALSO DEDUCTED.IN THE F.Y 2014-15, I RESIGNED FROM THE COMPANY IN JULY 2014 AFTER RETURNING THEM ALL THE SALARY EARNED IN THE F.Y 2013-14 & 2014-15.I WANT TO KNOW THAT WHETHER I HAVE TO FILE MY IT RETURN FOR THE F.Y: 2013-14 SHOWING THE SALARY, WHICH IS RETURNED TO THE COMPANY IN F.Y: 2014-15??
15 November 2014
Salary once earned is taxable.
You have not mentioned the reason for returning the money back to the company. If incase you have returned the money back to the company since they have given you extra money erroneously then it is not taxable as Salary .
However you have mentioned that you have returned back the entire money, which can be because of varied reasons eg. you had signed a bond and did not complete your term with the company, or as per the contract of the company, you have committed any mistake wherein you need to return back the money in which case you will very much have to file your Income Tax Return if your Taxable income exceeds the Basic exemption limit
You have not mentioned the reason for returning the money back to the company. If incase you have returned the money back to the company since they have given you extra money erroneously then it is not taxable as Salary .
However you have mentioned that you have returned back the entire money, which can be because of varied reasons eg. you had signed a bond and did not complete your term with the company, or as per the contract of the company, you have committed any mistake wherein you need to return back the money in which case you will very much have to file your Income Tax Return if your Taxable income exceeds the Basic exemption limit
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 November 2014
The reason of returning is bond actually . It means I can not also show the returned money in the IT return.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
