Itr 1- salary income & exemption

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Jyothis

Article

489 Points Posted on 24 July 2016

In ITR-1, no colum was found to enter Value of perquisites u/s 17(2),Allowances Exempt u/s.10 and Tax paid by employer.

So can show net of Salary as Income from salary in Income details to tax payable as per Form 16 Part B.

So it will be like this -

in ITR

Income Details sheet - Income from salary as 5,42,405.00 (To adjust my tax payable as per Form 16B) &

TDS Sheet -Details as per Form 16 is 5,06,255.27 (Amount credited as per 26AS) & TDS Rs. 24,250.00

However as per Form 16 part B-

Income chargeable under head salary is Rs.5,96,980/ & Tax payable by employee is Rs.23230/- However as per 26AS it is Rs.24,250/-.

Can i claim excess tax deducted shown in 26AS as refund, Tax paid by employer Rs.8270/- is not shown in 26AS & no column is found in ITR.

So can i adjust Salary income in ITR in a way tax payable as per Form 16B matched and ITR.

Replies (4)

Dinesh Mertiya

PROFESSIONAL

812 Points Posted on 24 July 2016

Dear Jothis,
"However as per Form 16 part B- Income chargeable under head salary is Rs.5,96,980/ & Tax payable by employee is Rs.23230/- However as per 26AS it is Rs.24,250/-."

Part A is a certificate of TDS on salary, only TDS amount is appeared
ITR -1 should be filled according to Part -B
and if excess amount is deposited to department in form of Tax (TDS, Advance Tax, Self Ass. Tax), it is refundable to you

Jyothis

Article

489 Points Posted on 24 July 2016

Dear Dinesh Mertiya,

My doubt whether it is necessary to show Tax paid by employer (SBI) -Tax on perquisities be appeared in 26AS & same should be shown in ITR.

Jyothis

Article

489 Points Posted on 24 July 2016

In my case, if i file as per Part B. Total tax is Rs.31,950 & its settlement as per part B is Rs.23,230 deducted from employee salary & Rs.8720 is paid by employer.

Tax paid by employer on behalf of employee is not shown in 26AS or Part A of Form 16 is not normally issued by SBI to employees.

For your reference Form 16 part B & 12 B is attached, dont know why & how SBI computed tax paid by SBI on behalf of employee & its tax treatment in ITR.

Dinesh Mertiya

PROFESSIONAL

812 Points Posted on 25 July 2016

My doubt whether it is necessary to show Tax paid by employer (SBI) -Tax on perquisities be appeared in 26AS & same should be shown in ITR.

As pe attaced part B
Total income from salary is Rs. 596980/- (line no 6)
and as per line no.16 tax liability is Rs. 31950/-
as per part B is Rs.23,230 deducted from employee salary & Rs.8720 is paid by employer.
Assessee is required to pay total tax of Rs. 31950/- in whatever form like TDS, Self Ass. Tax , Advance tax, paid by employer etc. or we can say payment should be made from PAN of employee
according to part B, Perquisites is a part of salary and employer is liable to pay tax
I think, it should have been appeared in form 26AS as well as ITR of employee