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Tax Deducted on Settlement

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janaki raman

15 Points Posted on 04 August 2021

Sir, i am salaried person, my company has been closed permanently. I have been deducted income-tax by the employer on settlement. Is that tax deducted can be refundable? if yes, could you please explain?

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Quick Summary

If income tax was deducted from your final settlement after your company closed, you can likely claim a refund. This refund can be processed when you file your Income Tax Return (ITR). You may be eligible to use the ITR-1 form for this, provided you have no capital gains or business income.