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Income tax

Sachin (Service Man) (81 Points)

06 May 2014

Dear All Member ,

Now finanace year 2013-14 is over. In this year my income tax is deducted Rs 6500/- and under sec 80c i have not investment Rs 75000/- so i can tds amount return from in come tax department at the time of Return submission.

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8 Replies

Harendra Kumar (Tax Advisor ) (1326 Points)
Replied 06 May 2014

Sir,

You want to claim TDS Amt. Rs. 6500 as a refund.

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Harendra Kumar (Tax Advisor ) (1326 Points)
Replied 06 May 2014

Sir,

Firstly show your income for A.Y. 2014-15. Plz brief it.

Harendra Kumar (Tax Advisor ) (1326 Points)
Replied 06 May 2014

Sir,

A.Y. 2014-15 income exempt i.e. 2 lac and tax credit allow Rs. 2000/-. It mean calculate the your exemption limit and after that claim Refund if required yeas or not.

HEM@NT G@RG (ARTICLE ASSISTANT) (313 Points)
Replied 06 May 2014

Mr. Sachin

Plz decribe your income completely.

and deduction.

Ashok kumar T (Articles ) (40 Points)
Replied 06 May 2014

Plz give complete details!!!

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Arabinda Chakraborty (Assistant Teacher) (21 Points)
Replied 06 May 2014

Sir,

I am a salaried person. During the period starting from 01/12/1993 to 31/12/2001 I had been erroneously given excess salary amounting total Rs. 47,883/-. Recently, the error has been detected and I have been asked to refund the above overdrawn amount to State Exchequer. I have already deposited Rs. 47,883/- to Jalpaiguri Treasury by drawing a Cheque from my SB Account by TR Form No. 7 on 26/04/2014.

Am I eligible for Income Tax exemption/rebate in the FY 2014-15 for the amount I have refunded to Govt. Exchequer? If yes, please inform me the Section or Sections of Income Tax under which I can claim exemption / rebate and also the procedure to claim exemption / rebate in ITR 1.

Looking forward to have your expert opinion soon,

Arabinda Chakraborty.

CA Santosh Dhumal (Practising CA.) (594 Points)
Replied 07 May 2014

Mr Harender Kumar rebate of Rs 2000 is only applicable u/s 87 A, if your net taxable income is below 5 lace befor claiming deduction under Chapter VIII.

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