Refund of remuneration

KAMLESH KUKREJA (Querist) 08 January 2013 This query is : Resolved
Director was paid Rs:-50000 in form of allowance in 2007 & tax was paid in a.y 2008-09 on same by director, in 2010-11 it was decided that above allowance was paid were not within companies regulation limit & director have to payback the allowance. Director accordingly payback the same to company.can he get the deduction of repaid back amt of above in A.Y:- 2011-12 against “income from salary “

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Raj Kumar Makkad (Expert) 08 January 2013
He cannot get refund of tax rather he should have deducted such amount from the company to whom he refunded the wrongfully paid allowance. He can still raise such demand to the company.

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