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

AI Summary

Director Seeks to Revise Tax Return After Refunding Excess Pay to Comply with Companies Act, Section 314 A director of a public limited company received remuneration exceeding the limits set by the Companies Act during the financial year 2009-10. After receiving a notice from the company, he refunded the excess amount on November 1, 2011, to comply with section 314 of the Companies Act. Having already filed his tax return for that year, he seeks to file a revised return to claim a refund for the tax deducted, showing nil income. Responses suggest he can file a revised return and amend Form 16, with a deadline of March 31, 2012, to do so.