TDS deducted on Excess salary paid

Tax queries 1505 views 4 replies

anupam

service

26 Points Posted on 03 December 2008

HRA for period jully 07 to june 08 was given to me by my accounts section wrongly.

out of this jully 07 to march 08 was in last financial year and for period jully07-march 08 i have alraidy paid income tax for last financial year and also submitted return.

april 08 to june 08 is in current financial year

this excess HRA for period jully 07 to june 08 is recoverd from my salary of jully 08 to novmber 08.

Now i am asking to my accounts department to reduce this recovered amount of last financial year from my current year income since i have already paid income tax on this amount. But he is asking me the tax rule

please suggest me possible solution.

Replies (4)

Sidd

service

33 Points Posted on 03 December 2008

Originally posted by :anupam
"	Hi HRA for period jully 07 to june 08 was given to me by my accounts section wrongly. out of this jully 07 to march 08 was in last financial year and for period jully07-march 08 i have alraidy paid income tax for last financial year and also submitted return. april 08 to june 08 is in current financial year this excess HRA for period jully 07 to june 08 is recoverd from my salary of jully 08 to novmber 08. Now i am asking to my accounts department to reduce this recovered amount of last financial year from my current year income since i have already paid income tax on this amount. But he is asking me the tax rule please suggest me possible solution.	"

Sidd

service

33 Points Posted on 03 December 2008

Originally posted by :Guest
"	Originally posted by :anupam You received HRA in 07-08. It figured in ur taxable income. You paid the necessary tax. Tax has got nothing to do with recovery " Hi HRA for period jully 07 to june 08 was given to me by my accounts section wrongly. out of this jully 07 to march 08 was in last financial year and for period jully07-march 08 i have alraidy paid income tax for last financial year and also submitted return. april 08 to june 08 is in current financial year this excess HRA for period jully 07 to june 08 is recoverd from my salary of jully 08 to novmber 08. Now i am asking to my accounts department to reduce this recovered amount of last financial year from my current year income since i have already paid income tax on this amount. But he is asking me the tax rule please suggest me possible solution. "	"

Guest

460130 Points Posted on 03 December 2008

WHAT IS RATE OF P.TAX.

O.D.SHARMA

DGM-F & A

1734 Points Posted on 04 December 2008

Dear ,Tax is always on payment basis,Ask your accounts deptt.to give u the computation of tax for the current year.Entries will be adjustment entry.Once u give your computation final to your accounts,They will have to recover the liability in equal instalments.Your excess tax deducted will be adjusted automatically .