I did not provide the tax declaration for the actual house rent paid and the investments for the months of April and May 2012. My employer applied higher TDS for those two months. Now I have updated my declaration with these details. I am hoping that based on this, the excess TDS taken will be refunded back to me in subsequent months (June or later) in this financial year. I would prefer not to fight with the government to get back this excess amount since it will take from two to an infinite number of years before I see my money. I would ideally like my employer to give me back the excess TDS as part of the next month's salary. Please advise.
Note: In my company tax declaration sheet, this message is printed: All Tax declarations on this sheet will have a direct impact on the subsequent payout only with retrospective effect. What does this imply?
From India, Bangalore
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Note: In my company tax declaration sheet, this message is printed: All Tax declarations on this sheet will have a direct impact on the subsequent payout only with retrospective effect. What does this imply?
From India, Bangalore
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The excess can be set off or adjusted during the subsequent months. If the excess TDS is made in the last month of the financial year and there is no scope for adjustment, then you will have to claim the refund after filing the income tax returns.
Regards,
Pon
From India, Lucknow
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616Regards,
Pon
From India, Lucknow
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls