Dear all,
I resigned from my previous employer in May 2017 and received a full and final settlement of Rs. 3.5 lakh in June 2017, on which the tax deduction was Rs. 6,000 in total. Later, when I joined another organization, the TDS for the entire year from June to March 2018 was Rs. 95,000.
While filing the ITR, when I combined both incomes, my tax payable is reflecting as Rs. 2 lakh, and hence I have to pay an additional amount of Rs. 95,000 to complete the ITR filing.
I realized while filing my ITR that my previous employer calculated the tax on Rs. 3.5 lakh only, and my current employer calculated tax on Rs. 11 lakh. Now, somehow I have to repay my taxes on Rs. 13.5 lakh, which seems to be a blunder from either my end or my employers.
Is there a way out of this situation?
From India, New Delhi
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I resigned from my previous employer in May 2017 and received a full and final settlement of Rs. 3.5 lakh in June 2017, on which the tax deduction was Rs. 6,000 in total. Later, when I joined another organization, the TDS for the entire year from June to March 2018 was Rs. 95,000.
While filing the ITR, when I combined both incomes, my tax payable is reflecting as Rs. 2 lakh, and hence I have to pay an additional amount of Rs. 95,000 to complete the ITR filing.
I realized while filing my ITR that my previous employer calculated the tax on Rs. 3.5 lakh only, and my current employer calculated tax on Rs. 11 lakh. Now, somehow I have to repay my taxes on Rs. 13.5 lakh, which seems to be a blunder from either my end or my employers.
Is there a way out of this situation?
From India, New Delhi
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Upon joining the new employer, had they considered your income from the first employer, such an issue wouldn't have cropped up. I suggest you consult a CA for the same, though I don't see a way out but paying the remaining tax to complete your ITR.
Regards,
Rahul
From India, Delhi
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157Regards,
Rahul
From India, Delhi
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Filing Your IT Return and Claiming a Refund
File your IT return and claim an IT refund if it is due. If you have paid more tax than required based on your income, check your Form 26AS to confirm the figures. It appears that your query is not clear. Could you please provide more details such as your gross salary from your first employer for the financial year 2017-2018 and the tax deducted and shown in Form 26AS on the IT site?
Similarly, what was your salary from your second employer? Calculate your total income, including other sources like interest on savings accounts, fixed deposits, etc. Deduct items like PF, insurance, etc., to determine your total taxable income. This will help you understand the balance tax due. For better responses, please provide a clear query with the necessary figures.
Please let me know if you need further assistance.
From India, Pune
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File your IT return and claim an IT refund if it is due. If you have paid more tax than required based on your income, check your Form 26AS to confirm the figures. It appears that your query is not clear. Could you please provide more details such as your gross salary from your first employer for the financial year 2017-2018 and the tax deducted and shown in Form 26AS on the IT site?
Similarly, what was your salary from your second employer? Calculate your total income, including other sources like interest on savings accounts, fixed deposits, etc. Deduct items like PF, insurance, etc., to determine your total taxable income. This will help you understand the balance tax due. For better responses, please provide a clear query with the necessary figures.
Please let me know if you need further assistance.
From India, Pune
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Full n final settlement.doc