Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2011 Please answer this query

I have got X amount from company in last financial year and
company has deducted Y amount as income tax on it, but this year
company is asking me to pay back the same X amount where as actual I
got only (X-Y) amount hence , ideally shall i pay them only X-Y
amount ?

if I should pay them X amount only then its an expenditure for me in
this financial year, hence how can I get IT exemption on that amount
this financial year?

Which document I should ask from my previous company that i can use as
a proof for IT exemption for this financial year ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 August 2011 please clarify the nature of payment clearly. why the repayment is made?

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2011 I have actually got the facts of the case now which is as under:
In last F.Y company paid to employee Rs 80,000 for reallocation which included food, hotel stay etc. Company deducted Rs 2000 TDS on it and net amt of 78,000 was paid. ITR has been filed

Now as per terms of contract since he left before completion of year They are asking him to refund the entire amount Rs 80,000(or it should be 78000 actually recieved in hand)

Please tell what amount to pay and what about claming tds refund.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 August 2011 Since refund has been claimed by the employee in his personal return, he has to defund the same also.

The fair terms says he should pay 80000.

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2011 No refund has not been claimed yet. ITR of last F.Y has been filed. (income rs 80,000 and TDS 2000) The company has asked him to pay back now.

please tell if he pays back Rs 80,000 how does he claim refund. He is now in another comapny.

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2011 please answer

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 August 2011 Only option you can say with your employer 78000 can be paid now and balance 2000 can pay on receipt of income tax refund

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2011 how to claim refund..we need to return bck money , take new form16 and revise itr?

otherwise how can it be adjusted this year employer is different

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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21 August 2011 Rs.2000 TDS can be adjusted for your Income tax payable for the particular year. if you adjusted already income tax and no income tax refund from department then you need to pay back yourself, incase your Income tax refund pending from department then you can request employer to wait for refund

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