Dear all, I have resigned from my previous employer in the month of May-17, and got a full and final settlement of Rs. 3.5Lakh in the month of June-17, on which the tax deduction was Rs. 6K in total. Later when i joined another organisation and the TDS for the entire year starting from June till March-18 was Rs. 95K.
While filling the ITR when i clubbed both the Incomes, my tax payable is reflecting as Rs. 2L, and hence i have to pay an additional amount of Rs. 95k to complete the ITR Filling.
I understood while filing my ITR that my previous employer calculated the tax on Rs. 3.5L only and my current employer calculated tax on Rs. 11L. Now somehow i have to repay my taxes on Rs. 13.5L. 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
While filling the ITR when i clubbed both the Incomes, my tax payable is reflecting as Rs. 2L, and hence i have to pay an additional amount of Rs. 95k to complete the ITR Filling.
I understood while filing my ITR that my previous employer calculated the tax on Rs. 3.5L only and my current employer calculated tax on Rs. 11L. Now somehow i have to repay my taxes on Rs. 13.5L. 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
Upon joining the new employer, had they considered your income from first employer, such issue won't have cropped. 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
152Regards
Rahul
From India, Delhi
File IT return and claim IT Refund as due.
More tax has been paid than required as per your income.
What figures does your form 26 AS show?
Your query is not clear.
What was your gross salary from 1st employer for F/Y 17-18
How much tax deducted and shown in form 26 As of IT site
Similarly what was the salary from 2nd employer?
Take total income + other income like Interest on SBa/c,FD etc and work ot your total taxable income after deducting PF,Insurance etc.
Then you will come to know your balance tax.
Pl give clear query with figures then you may get better answers.
From India, Pune
More tax has been paid than required as per your income.
What figures does your form 26 AS show?
Your query is not clear.
What was your gross salary from 1st employer for F/Y 17-18
How much tax deducted and shown in form 26 As of IT site
Similarly what was the salary from 2nd employer?
Take total income + other income like Interest on SBa/c,FD etc and work ot your total taxable income after deducting PF,Insurance etc.
Then you will come to know your balance tax.
Pl give clear query with figures then you may get better answers.
From India, Pune
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Full n final settlement.doc
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