Claim of tds refund low and showing more income
This query is : Resolved
12 September 2015
my client having TDS of Rs. 60000 for the financial year 2014-15. He is a Insurance Agent, apart from this he is not have any source of Income. He says he need only 30,000 as refund from IT Dept. He says show income and pay tax of 30,000 to I T Dept. Plzz suggest
13 September 2015
Assuming TDS as 60k . It means he has 6lakhs income . So he has 6-2.5 = 3.5 lakh is taxable income . Your need to pay actual tax of 35k+ cess . So deduct only about 36k . I hope you are not taking this Tds as per 26AS . If it is as per 36AS THEN he will get refund of 60- 36 24k. Hope now clear.
13 September 2015
Assuming TDS as 60k . It means he has 6lakhs income . So he has 6-2.5 = 3.5 lakh is taxable income . Your need to pay actual tax of 35k+ cess . So deduct only about 36k . I hope you are not taking this Tds as per 26AS . If it is as per 36AS THEN he will get refund of 60- 36 24k. Hope now clear.
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