Wrong form 16

Efiling 446 views 5 replies

Guys need an opinion.

My employer did some mistake and shown 30K investment under 80D in my form 16, which I never did in first place. So all the tax deductions were in accordance with this assumed amount. For salary people, form 16 is holy scripttt and they file return according to it. If I do so and add this 30K while filling return online I get a refund. If I skip 30K then I need to pay some tax.

Now regenerating form16 is an option, but its gonna take a time.....maybe it will go beyond 31 July. I am planning to skip 30K entry, file return and pay tax. I guess it is not mandatory to file return exactly as per form 16, right?

Replies (5)

You fill the ITR form offline . Dont fill the 80C part.  Validate each page nd then click calculate tax. See how much tax is to be paid. Refunds below Rs 100 are not entertained. So pay about  rs 200 more as self assessment tax.

come again? I didn't get what you're trying to say? 

OK

1) Go to income tax website and down load the ITR form  (Most probably 1)

2) Fill the entire form . Dont fill the section 80D if you have not made it. But ask your office if they have paid medical insurance premium.  Take all Tax credit from 26AS

3) Validate each sheet and then click on calculate tax. 

4) You will get some figure of tax to be paid.

5) pay this tax online and fill the details  in form .  (you can pay a little more if you want so as to get refund)  refunds below Rs100 you will not get . So see that refund is around Rs 200 more.

6) Generate XML and upload the return.  E-VERIFY THE RETURN (This is important)

Thanks... I think you can do the same online too. Login to your IT account, ITR1>>Just fill in the online form and adjust your figures in the online form (hit update or refresh) and it will tell you the tax to be paid or refund. That's what I already did and came up with a possible refund or tax to be paid value. The beautiful part is, as long as you save the online form it remains as is. Even if you log off and log back next time. This form can be submitted and e-verified by eKYC using Aadhar later.

BTW one simple question, all salaried employees gives proof of investment to an employer and based on that employer deducts tax and generates form 16 at end of fiscal. So if IT department want to cross-check any of the investments (under section 80) whom they approach, individual employee or employer (organization)? 

Also, do organizations submit all of the documents of investment (submitted by employees) to IT department by default? or it is something they do when inquiry comes from IT department?

 

offline is to prevent the form getting  submitted accidently. 


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