TDS on Salary Income
This query is : Resolved
10 March 2009
I am salaried employee. I have not submitted the investment proof till the month of Feb 09 and therefore TDS is deducted on income from salary.
I had submitted the investment proof in the month of Mar 09. The revised tax is working out to be lower than TDS deducted so far.
Can the employer adjust the excess TDS deducted from the overall TDS payout for the company and give me refund? Pl. clarify.
If not, is there any other possibility of claiming refund from the employer instead of dept? Pl. clarify.
I had submitted the investment proof in the month of Mar 09. The revised tax is working out to be lower than TDS deducted so far.
Can the employer adjust the excess TDS deducted from the overall TDS payout for the company and give me refund? Pl. clarify.
If not, is there any other possibility of claiming refund from the employer instead of dept? Pl. clarify.
10 March 2009
Hi,
I think the employer will not be in a willing position to make the refund. But, if that be the case, you can very well claim refund from the IT department. Though it may take some time to get the refund.
I think the employer will not be in a willing position to make the refund. But, if that be the case, you can very well claim refund from the IT department. Though it may take some time to get the refund.
10 March 2009
No, Employer can not do so. Only the employee can claim TDS from the IT Department.
10 March 2009
Thanks for your response.
What is the reason? Which section does not permit netting off? Further insight please.
What is the reason? Which section does not permit netting off? Further insight please.
10 March 2009
Wld be helpful if anyone can highlight practical issues encountered by employer in this regard.
10 March 2009
Dear Mr. Rao, As such there is no provision in the Act which disallows netting off, but no provision allows it too. Certain laws are taken on practically and logical basis also. For your clarification, you can read Circular No.285 of 1980, which discuss the manner in which excess TDS shall be refunded by the Income Tax Office. After this circular this is very much clear that this power is with IT office and not with employer. I hope now I am clear.
10 March 2009
Thanks. I am asking for netting off in the month of Mar 09 TDS payout and not in the next financial year. As you are aware, the return to be filed by employer is on quaterly basis. Therefore, the IT dept does not stand to lose any revenue nor there is any mis-statement in the return.
As you know, following up with tax dept many times is not a pleasant experience. I am looking for a solution. Is there any possibility ?
As you know, following up with tax dept many times is not a pleasant experience. I am looking for a solution. Is there any possibility ?
10 March 2009
That is ok sir, but rules are rules. Nobody can change them. If you go through the above mentioned circular, many things will be clear to u.
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