How to adjust an amount in the current FY, that I have paid tax on in the FY 2015-16 for?

Forums Tax Planning How to adjust an amount in the current FY, that I have paid tax on in the FY 2015-16 for?

How to adjust an amount in the current FY, that I have paid tax on in the FY 2015-16 for?

My company overpaid Rs. 160000 to me during the FY 2015-16. The said amount was recovered in the current FY. Can I now reduce that amount from my gross salary this year or is there another procedure to adjust the recovery. I have already paid tax in 2015-16 for the said amount.

Profile photo of Monika Asked By: Monika 1 replies 0 helpful answers Last Updated: 2 months ago
  • Profile photo of MonikaMonika
    Participant

    My company overpaid Rs. 160000 to me during the FY 2015-16. The said amount was recovered in the current FY. Can I now reduce that amount from my gross salary this year or is there another procedure to adjust the recovery. I have already paid tax in 2015-16 for the said amount.

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    Whether you will be able to adjust the amount of salary recovered during in the current year’s tax return depends on the fact as to whether it was taxed during the last year or not.

    To guide you accurately we will require your form 16.

    You can contact our adviser and they will surely help  you with this.

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