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How you can get back Income Tax If you have paid more?
If you were unable to make tax-saving investments or failed to inform your employer on time, you can get back the excess tax deducted if you act now
Deepak Sharma’s salary cheque for February looks like it has been on a crash diet. The Delhi-based sales manager with an FMCG company was not able to submit the documents of his Section 80C investments on time, so his company deducted an additional 28,000 as TDS. The company took into account only the 30,000 he contributed to the Provident Fund and his child’s school fees of 42,000, but Sharma could not get deduction for his insurance premiums and the PPF investments.
Worse, he didn’t get any exemption for his house rent allowance. “Initially, my landlord was not willing to give his PAN number in the receipt. It took me almost a week to convince him, which delayed the whole process,” says Sharma.
Are you facing a similar problem? If, like Sharma, you were not able to submit your investment proof on time, you can do so before the salary and deductions are computed for March. Your company will adjust the excess TDS and you may be spared further tax deduction in the last month of the financial year. Similarly, if you have not exhausted your tax-saving limit under Section 80C till now, you can still do so. If you submit the proof before the next salary cycle, any excess TDS deducted from your salary will be adjusted in the salary for March.
Getting a refund
Even though you will be able to get the tax adjusted and avoid another hefty TDS in the March salary, many of you may have already paid excess tax. The only way you can get it back is by filing your tax returns. Now that the CBDT has made it mandatory for taxpayers to quote their bank account number and the bank’s IFSC code in the tax form, refunds are much quicker.
If the tax refund gets delayed due to any reason, the taxpayer is entitled to a 6% interest on the amount. The interest will start accruing from the first month of the assessment year (April 2014 in this case). However, no interest is payable if the refund amount is less than 10% of the tax payable during the year.
Right size your TDS
Many of these problems can be avoided by making tax planning an integral part of
your investment schedule. Instead of leaving it for the last minute, you should start your tax planning from the very first month of the new financial year. Remember that the interest the government pays on delayed refund is just half of what it charges you for delayed tax payments. There is a 1% late fee charged for every month of delay in paying your tax dues. The smart taxpayer manages his finances in a way that the TDS is just equal to the tax he is supposed to pay for the year. To do that, you should also be aware of all the deductions you are eligible for and should inform your employer well in advance.
While most people are familiar with Section 80C and Section 80D benefits, there are other deductions that an employer would incorporate in the Form 16 if you inform on time
For further information contact Prajna Capitalon 94 8300 8300 by leaving a missed call
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