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Moving income from ay15 to ay16

Tax queries 296 views 3 replies

Hi,

Last year FY2014 - 15, i worked as a faculty in an institute and for work done in Feb '14, i got my fee in my account in March 14. I declared it as income and paid taxes and filed my e return.

In April 14, which is next FY, there is a TDS deposit from the institute against this income.

Do i need to amend my return from last year? and how?

Thanks for your help

Replies (3)

Last year you have shown  the entire Salary as income including the TDS [net salary  +TDs amt]. 

You have not claimed the TDS in that year.

you should ask your Institute to rectify TDS  Ay year otherwise IT query may be there this year if you report less income. Once rectifiction is done you can file rectification and claim that TDS and additional refund if any.

If you jst claim the TDS and do not report income then there may be query.

 

 

You have to be taxed in the year of deemed income. If the TDS is showing in the next year, and if they are not revising the TDS return, you dont show that income this year. Tax slabs may be different this year. Since you have not got that income credit this year, you have a valid explaination but yes notices are generated from computer automatucally so you may have to explain.

Was that an income from salary or from profession?

Under which section Tax has been deducted (192 or 194J) ?

 

If its salary, the do note that as per S.15 , salary is taxable on due basis (whether received or not)

Whereas accroding to S.192 , tax thereon is deducted at the time of payment.


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