My Client's Salary Income as per Form 16 provided by Employer is Rs. 7,25,000/-, whereas, Salary Income as per Form 26AS is Rs. 6,40,000/-. If I take Salary Income of Rs. 7,25,000/- as per Form 16, then additional Tax of Rs. 4,000/- is required to be paid, whereas if I take Salary Income as per Form 16 i.e. Rs. 6,40,000/-, then a refund of Rs. 12,000/- is receivable. Other Income includes Bank Interest which is negligible.Can you kindly suggest which income I should take? This is the first year I'm taking up such an assignment. Thank You.
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Taxable income in itr
Replies (5)
Should consider Salary as per Form 16 only
take salary as per form 16 and file return but do make sure that tds that has actually been deducted is being reflected in 26as, if there is any diff. then ask the employer to revise his tds return and correct the diff.
Find out the reason for difference of Rs. 85,000/-.
Revise Return as per Form 16.
Most of the times Form 16 & amount reflected in form 26as would be same....since filing of tds returns results into updation of form 26as...Hence first find the difference...n proceed with ur return
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