Sir,
Some excess payment pertaining to previous financial years have been recovered from an employee in the current financial year 2015-16. The individual has paid Income tax on that earning in the previous financial year. So, can we deduct the total recovered amount from the gross salary of the current financial year to compensate the income tax paid ? If not, what is the way out to get the refund of the income tax paid in the previous financial year ?
I shall be grateful if somebody give the proper answer.
Thanking You.
With regards,
Pradip Kr. Saha
CAclubindia
