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Tax refund for Negative income

Tax queries 210 views 1 replies

Respected Sir/Madam

I am an individual tax payer, paying tax for my salary income since 2010. I need suggestions for the negative income.

I am in LWP in a company from Jan 2019-Nov 2019 and my LWP is filled on time. But due to some technical error I have received a net salary of 6,46,291/- from Jan 2019 to Aug 2019 from my employer. Part of the above period was in the last financial year. The income was declared and tax was deducted at source by the employer. This is also present in Form 16 of last financial year. As remaining part of the period is in this year, employer is recovering in September 2019, amount of 8,11,939/.Tax deducted till date is shown as 47, 409/- in the same salary slip, which is of current financial year. A tax of 1,01,188/- is deducted as tax in the last financial year during my LWP period[8,11,939/(tax recoverable)- = 6,46,2919(net salary received)+ 47, 409(TDS of current FY)+ 1,01,188 (TDS of last FY during my LWP)+ other deductions]. Hence I have a negative income of 1,18.239/-[1,01,188(TDS of last FY during my LWP) + 17,051(other deductions)]. 

As I am not going to work anymore, I will not be having any income in the future. Kindly guide me from whom and how I can claim my negative income 1,18,239/-.

Replies (1)
You can file revised return for AY 2019-2020 relating to year ending 31-3-2019 .

First you get amended Form 16 from Employer (consequent to correction of error by employer) and then file revised return now or before 31-3-2020.

Rest of the things will automatically resolved in current FY 2019-2020 .


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