Pay recovery hone par tax effect.
This query is : Resolved
07 January 2011
salaried person ko arrears milane par income me joda jata hai ,saath hi provision 89(I) hai.Official Audit me kai bar pay fixation wrong hone se/dimotion hone se ya aisi hi kisi ghatana ke karan pay recovery kar di jati hai,ye recovery long period (24/36 months)ki ya huge amount(10/20/.....50 thousands)ki bhi hoti hai.Recovery ke karan income kum ho gai,jabaki tax puri income(incl. recovery amount) per paid kiya ja chuka hai.Kya IT rules me koi provision nahi hai jisase adhik pataya gaya tax adjust ya refund kiya ja sake?
09 January 2011
Salry recovery may be adjusted against salary income the year in which recovery is deducted. It automatically reduce the tax liability of that year.
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