Refund of Tax

[naresh chowdhary]

Dear sir / Madam,

Facts

1) A Director of a public limited Compnay who is in receipt of remuneration/ professional fees  ( After deducting TDS) from company over and above remuneration allowed under companies act, during the financial year 2009-10. had refunded the amount so received on 1st Nov, 2011 after receving the notice form the company to refund the same in order to save his position as director to comply with section 314 of the companies act.

2) The director had already filed his return of income for the financial year 2009-10 on or before due date, and disclosed the remuneration / professional fees  received from the company.

Now the query

He wants to file revised return for the financial year 2009-10 to claim the refund of Tax deducted showing nil income.

Thanks & Regards

CA NARESH CHANDRA K

09966669670

[CA Rachit Agarwal]

He can file for Revised Return and claim for the refund of TDS Paid.

Please also get Form 16 amended accordingly issued to the Managing Director.

Amount of salary refunded has been shown as income in the books of the company to show that there is no piferage of income tax.

[tarsem gupta]

He can file revised return upto 31-3-2012. 

AI Summary

TDS refund claim: director may file a revised return and seek amendment of Form 16 to recover deducted tax.
A director who refunded remuneration received in excess of Companies Act limits after TDS was deducted may file a revised income-tax return to claim refund of the TDS; an amended Form 16 should be issued to the director and the company should show the refunded amount in its books as salary refunded to reflect the reversal for tax purposes.