LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

income tax refund for salaried individual

pritpal (sr manager) (24 Points)

09 August 2009

HI , plsadvice me in getting the correct information, somebody told me that salaried individual cannot have income tax refunded at any cost. is that true?

in my case i have not submitted any proof of investment with the company and currently my tax is deducted at arnd 10000/- per month...am i not eligible for income tax refund ??? infact my company has designed package in such a way that we can bifurcate the compensation in different headings so all the package is under taxable income..pls help ??

Reply
Follow
Share

7 Replies

(Guest)

Hi Pritpal,

Please don't be afraid, its totally absurd that salarised people don't get refund. Every person are eligible for refund for that you need to file your refund regularly within due date. It is not compulsary to give all details to your employer to calculate TDS, you can later on file your return with details of investments and claim refund.

But why do you let your employer deduct TDS. It will be alot better if you give details to your employer so thet YDS are deducted at lower amount or not at all as the case may be. As getting refund takes a lot of time. So please give details to your employer it will be alot easier.

O.D.SHARMA (DGM-F & A) (1734 Points)
Replied 09 August 2009

My Dear, its better u try U/S 10 exemptions in employer level & Section 80 in both options directly in return or thru employer by giving investment details.

Subodh ( ) (402 Points)
Replied 09 August 2009

Hi Pritpal,

If you have not submitted investment proof to your employer then you can claim all your investment during filing the income tax return. fill all details of our investment and re-calculate your income tax if refund is there it will be refunded by the department dont worry!

Lalit aggarwal (.) (371 Points)
Replied 09 August 2009

Hi Pritpal,

Subodh nd tinku r perfectly correct........

Ashis Mahapatra (Consultant-Tax & FEMA/FDI) (183 Points)
Replied 09 August 2009

Hi pritpal.Dont be afraid .U will get ur refund only if u have filed ur return within due date generally on or before 31 st July.All my frends explained already are exactly corect & go as per there sugetion

Rajesh (Service) (176 Points)
Replied 09 August 2009

Hi Pritpal,

Please do not get afraid on rumours. In case you have not submitted investment proof or reimbursement documents; you can always consider which preparing your return of income for respective financial year. You have scope u/s 10, U/S 80 C, D & E. Further f you are planning to invest in real estate could be one of the alternate for tax planning.

Best solution for all your queries your can take help of practicing chartered accountant.

Best Regards

N.Siva Prasad (Chartered Accountants) (29 Points)
Replied 09 August 2009

Dear,

If you have not submitted proof for savings, interest paid on housing loan etc to your eemployer withing the stipulated time limit by your employer they are bound to deduct tax at source. This does not mean that the tax so deduted can not be refunded. If as per computaion of your income if the tax deducted is more than the tax payable by you on your income computed as per the provisions of law you are entitled to receive refund. But for receivng such refund you have to mandatorly file your return of income within stipulated time limit undr section 139(1) which is 31st July. Even if you have missed to file the return by said date you can file your return at any time before the financial year ending that is for example if you have to get refund for the financial year ending with 31st March 2009 you can file your return at any time before 31st March 2010 and get your refund as at when your returns are processed either under 143(1) or on regualar scrutiny. Even if you have no refund and if your income is beyond taxble limit before claiming deductions under section 80C, 80D, 80G etc., and even if full tax is deducted at source you have to file your returns and non filing of return will attract penal consequences.

N. Siva Prasad