Income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2014 I HAVE RECEIVED SALARY FOR THE WHOLE F.Y. 2013-14 AND TDS WAS ALSO DEDUCTED.IN THE F.Y 2014-15, I RESIGNED FROM THE COMPANY IN JULY 2014 AFTER RETURNING THEM ALL THE SALARY EARNED IN THE F.Y 2013-14 & 2014-15.I WANT TO KNOW THAT WHETHER I HAVE TO FILE MY IT RETURN FOR THE F.Y: 2013-14 SHOWING THE SALARY, WHICH IS RETURNED TO THE COMPANY IN F.Y: 2014-15??

Sanjana

Sanjana (Expert)
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15 November 2014 Salary once earned is taxable.

You have not mentioned the reason for returning the money back to the company. If incase you have returned the money back to the company since they have given you extra money erroneously then it is not taxable as Salary .

However you have mentioned that you have returned back the entire money, which can be because of varied reasons eg. you had signed a bond and did not complete your term with the company, or as per the contract of the company, you have committed any mistake wherein you need to return back the money in which case you will very much have to file your Income Tax Return if your Taxable income exceeds the Basic exemption limit

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2014 The reason of returning is bond actually . It means I can not also show the returned money in the IT return.

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