Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Incom tax deducted

vaishali (Accountant) (82 Points)

23 July 2012

Dear Sir,

I have received Form16 wherein my employer deducted tax after adjusting my LIC policies but not taken in account one policy, Now how can I take in account the remaing policy amount,

Please Help

Vaishali

Reply
Follow
Share

18 Replies

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 23 July 2012

Take the credit while filing your return of income & claim refund of excess TDS paid if any.

Upgrade to CAclubindia Pro. Subscribe Now!

vaishali (Accountant) (82 Points)
Replied 23 July 2012

Sir,

Should I add the amount in my total deduction amount while filling ITR1 ?

Pls reply.

Vaishali

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 23 July 2012

Yes, you will be reqd to do that way.

1 Like

vaishali (Accountant) (82 Points)
Replied 24 July 2012

Dear Sir,

I Have one query,

I will deduct total amount from my income as stated above then whatever x amount ( Taxable amount)will remain that I have to fill in ITR1 or, it should be as per my Form16.

If yes then I also have to change taxpaid amount in ITR1 or I should write as per Form16

Regards

Vaishali

Vineet Goyal (Assistant Manager - Finance & Accounts) (702 Points)
Replied 24 July 2012

For the correct answer, we will require the complete details as we do not know which amount from FORM 16 you are referring to.

Upgrade to CAclubindia Pro. Subscribe Now!

vaishali (Accountant) (82 Points)
Replied 24 July 2012

Dear Sir,

I have got form16 in which my employer taken deducted my LIC premium and balnce amount have taken for tax calculation.But he missed to add one more LIC .

Now I have to fill ITR1 from form16 In which I want to add remeained LIC premium. How can I add It.

If I add it then exemted amount and tax deducted will be changed, or simply I add this amount of LIC (remained only 1) and write as per Form16 in ITR1. Please tell.

Vaishali

1 Like

Vineet Goyal (Assistant Manager - Finance & Accounts) (702 Points)
Replied 24 July 2012

For the Sheet "Income Details"

As far as "Income From Salary" column is concerned, it will remain same. You only need to add the LIC premium under appropriate section e.g. 80C or 80CCC or any other.

That is it. Excel file is automatically calculate the tax and show refund to you.

Fill the details in "TDS" sheet as per Form 16 only. Do not make any changes in amount for this sheet.

I hope it is clear now.

1 Like

vaishali (Accountant) (82 Points)
Replied 26 July 2012

Sir,

I am not filing online ITR and want file personly .can anybody tell me for the second page data for ITR1. It should be filled from Form26AS?

vaishali (Accountant) (82 Points)
Replied 26 July 2012

Sir,

Also my address is changed which is on my PAN card, should I write my present address only now.

Vaishali

CA. Subhash Dangi (Chartered Accountant) (1784 Points)
Replied 26 July 2012

Hi Vaishali,

1. Fill up the Sch TDS 1 - Details of TDS from salary with full details. your tax laiblity will change since savings U/s 80C will increase by adding additional policy premium which was not declared to your employer. Probably U may get some IT refundable on revised computation.

2. Fill up the Bank account details which is mandatory to get IT refund

2. You fill up your present communication address but not the old address mentioned in our PAN.

Upgrade to CAclubindia Pro. Subscribe Now!

vaishali (Accountant) (82 Points)
Replied 26 July 2012

Sir,

Now Tax deducted is 9130.00 on my total taxable income 226030.00 and policies 79045.00 are adjusted by employer and i have to add one more in this that is Rs 15820/-

So I have to change the figrs(deducted TDS) when writing my ITR1?

CA. Subhash Dangi (Chartered Accountant) (1784 Points)
Replied 26 July 2012

Vaishali,

Don't change the TDS figures in Sch TDS1. You need to rework your tax payable (D1, D2 & D3) after considering the additional LIC policy of Rs.15820/- (total Deduction U/s 80C is Rs.94865)

1 Like

RAJIB (ACCT) (68 Points)
Replied 26 July 2012

At the time of filing ITR 1 pls verify everything of Form 16 with Form 26AS( Such as Challan no., Payment date,BSR Code) from website.It will be better if u will file return after that.