Tax calculation regarding
sukhjinder singh
(Querist) 08 January 2015
This query is : Resolved
sir, i am govt employee. I received my salary of Jan and Feb 2013 in may 2014. Now in this financial year 2014-15. i have to pay the income tax of 14 months. Kindly guide me how can i calculate the tax of Jan and Feb 2013 and 2014-15. Kindly give me suggestion.
sanjeev kumar goel
(Expert) 09 January 2015
Mr Sukhjinder Singh you are government employee so what were the reasons to not get the salary for the months of Jan and Feb 2013 in due course? Have you filed your Income tax returns for the financial years 2012-2013 and 2013-2014??
if you have filed your previous years returns and had not include the salary for the months of Jan & Feb 2013 in the year 2012-2013 then you can get the benefit of section 89(1) of Income tax Act in the year 2014-2015 if your tax slab changes in the year 2014-2015 from the year 2012-2013 and if the slab rate remains unchanged then no need to go for section 89(1). For taking the benefit of section 89(1) you have to calculate your tax liabilities for both the years and also the difference of tax payable then only it will be advisable to get the benefit of section 89(1) as you have not provided the details of your salary for both the years mentioned by you.
sanjeev kumar goel
(Expert) 09 January 2015
Mr Sukhjinderjit singh if you want more clarifications then you may contact me eiter on my cell 09899390850 or e-mail: adv.sanjeevgoel@gmail.com
thanks
Guest
(Expert) 09 January 2015
In fact for the year 2013-14, when your salary was due to be paid to you, but expected to be paid after the close of the year, you could well have shown your salary income including your salary due for the months of January and February 2013 in return of that year and paid tax, if due, accordingly. Now, it is better you file revised return for the year 2013-14 by including your salary due and pay the edifference of tax for the year 2013-14, if due, along with interest. The return for the year 2014-15 can show 12 months salary (2014-15) to be filed before the due date.
Rajendra K Goyal
(Expert) 09 January 2015
Agree with the expert sanjeev kumar goel.
The procedure for computing the relief u/s 89(1)is given in rule 21A.
sanjeev kumar goel
(Expert) 09 January 2015
Mr P S Dhingra ji filling of revised return is not the option as the revised return can only be filed when the original return has been filed within stipulated time. If the original return was a belated return then revised return cannot be filed. The only option in this case is to take the benefit of section 89(1) of IT Act.
sanjeev kumar goel
(Expert) 09 January 2015
Thanks Mr Rajendra Kumar Goyal ji for being agreed with my views.
Guest
(Expert) 09 January 2015
Sanjeev ji,
Thanks for keeping me updated. However, I have made a mention of REVISED return, which can be made when original exists, as already confirmed by you in your present post. Naturally, I made a mention of the word, "revised", with the assumption that the author would have filed the original return in time. You would like to recheck his query where the author did not state that he had not submitted any return for the FY 2013-14.
P. Venu
(Expert) 10 January 2015
As a Government employee, your IT return is based on the Form 16 issued by your DDO. As such there is no question filing return on the basis of anticipated salary. As rightly suggested, You can work out the tax liability in terms of Section 89 and avail of the benefit, if any.
Dr J C Vashista
(Expert) 15 January 2015
I agree with the experts advise, file your return on the basis of Form 16.
However, it is not understood why your salary was not released/paid for 14 months, you did not disclose?
