Income tax adjustment

Tax queries 190 views 1 replies

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

 
Replies (1)

Dear Pradip,

Please Note,

Deduct the Excess Payment made by you. Because you will be providing the Form 16 to him. based on this he will file the returns. So, Deduct the extra amount you paid.

 


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