Sir,
I am a Bank employee and had opted for Pension last year as per a settlement enetered last year. The deal, inter alia, wanted me to contribute 2.8 times my revised Basic Pay towards the Pension Fund. Even though this was not paid to us an Income tax of Rs. 11,682 was deducted against this contribution, treating it as my salary income. But on a writ petition filed by the Bank Officers' Associations and as per the Court's permission, the amount, instead of being paid to IT Dept., had been kept in Sundry Deposit by our Bank.
I filed an e-return, wherein the total salary was inclusive of the above sum paid to the pension fund and hence the Tax to be paid was computed to be Rs. 94,490. But, when the file was assessed by IT Dept., and compared with Form 26AS, it was seen that only a sum of Rs. 82,808 had been paid to the IT Dept.
The IT Dept. has now asked me to file a rectification return.
I would like to know the procedure to be followed in this case.
CAclubindia
