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Set off of income tax paid in previous financial years

Tax queries 316 views 3 replies

Hello,

I have an issue while filing this years IT return for FY 14-15. 

  1. Our company had a Super Annuation Fund (SAF) to which company used to contribute a certain amount based on Basic salry every year. 
  2. In 2014-15 company gave us an option to withdraw this amount which I accepted. Copmany paid me a lumpsum amount after deducting TDS.
  3. I come in the 30% income tax bracket.
  4. Since Super Annuation amount was above Rs 1 Lacfrom FY 2009-10 onwards, the additional amount abobe Rs 1 Lac was shown as perk and Taxed already in last 5 FY
  5. So in the final settlement, company deducted the cumulative perk amount in last 5 FY from the groos accumulated amount in Super Annuation Fund before calculating the TDS
  6. My problem is how do I account for this amount (cumulative value of perk which is already taxed in last FY) while filing current AY tax return?

Please advise.

K V RAM

 

Replies (3)

Just show the Super annuation fund withdrawn ( taxable) amount as anet amount of

Super Annuation fund withdrawn - Amounts above Rs. 1 lakh taxed in previosu years

 

Thanks Sir,

But will this not contradict the 26AS statement showing my earning for this FY and corresponding TDS from Salaries and Superannuation lumpsum payment which are separately shown?

Will this mismatch not matter?

Ram

Thanks Sir,

But will this not contradict the 26AS statement showing my earning for this FY and corresponding TDS from Salaries and Superannuation lumpsum payment which are separately shown?

Will this mismatch not matter?

Ram
 


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