TAX DESTINATION

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source (TDS) would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Objective - TDS system provides information about taxpayers and helps tax administration. It helps in recovering tax from the assessees in the year in which the income has been earned. Other objectives of TDS are having a regular cash flow; preventing evasion of tax and minimizing collection expenses. Rates of TDS - TDS shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, t

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source (TDS) would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Objective - TDS system provides information about taxpayers and helps tax administration. It helps in recovering tax from the assessees in the year in which the income has been earned. Other objectives of TDS are having a regular cash flow; preventing evasion of tax and minimizing collection expenses. Rates of TDS - TDS shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, t

I have Joined a company Last Year and got 2 Lacs Joining Bonus net of TDS subject to the condition that I must stay atleast one year from the Joining date. Owning to other unbearable circumstances I resigned from the company and have to refund full amount of Joining Bonus to my company.  How to claim Extra Tax Deducted from the income while filing ITR? As the payment received in last Year and refund  made in another Year, is it possible to set off in Current  AY?

I have Joined a company Last Year and got 2 Lacs Joining Bonus net of TDS subject to the condition that I must stay atleast one year from the Joining date. Owning to other unbearable circumstances I resigned from the company and have to refund full amount of Joining Bonus to my company.  How to claim Extra Tax Deducted from the income while filing ITR? As the payment received in last Year and refund  made in another Year, is it possible to set off in Current  AY?