Need Expert Advice?Our Gurus Can Help

Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 27, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more

Question by Devendra on Jul 20, 2023Hindi

Listen

how to address change in gross income given by employer in Form 15

Ans: Hello Devendra,

If there's a change in your gross income that impacts the details you've provided in Form 15G or 15H, you should inform your employer or the entity that's deducting the TDS. You may need to submit a new Form 15G or 15H with the updated income details.

Remember, these forms are used to declare that your income is below the taxable limit and that no TDS should be deducted from your income. If your income changes and it's now above the taxable limit, it's important to update this information to avoid any issues with the Income Tax Department.

Please consult with a tax advisor or chartered accountant to ensure you're following the correct procedures. This is just a general advice and the actual process may vary based on your specific situation.

I hope this helps!

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Jul 27, 2022

Question by Hrishikesh - Jul 27, 2022Hindi

Listen

Appreciate the work you are doing for non-finance background people (like me). I have a question related to income tax if you could help resolve it. I filed IT return before 31st Dec and observed the Form 16 provided by the employer is incomplete. Basically, our organisation went through a legal entity change last year, so ideally we should have got two Form 16s: One for the previous entity and another for the new entity. During filing the return, only new Form 16 was considered by mistake and I have a previous entity Form 16 in hand now but after filing the returns how do I correct my IT returns? Again, thank you in advance for all help.

Ans: You can rectify errors made in income tax filing even after you finish filing under section 139 (5) and you can do refiling. This revised return can be filed before three months prior to the end of the relevant assessment year or before the completion of the assessment. So, the last date for you to to file a revised return using both the form 16 for FY 2021-22 (AY 2022-23) is December 31, 2022, for ITR filed for FY 2021-22.

When you do re-filing, you are supposed to select the option ' Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e., receipt number and date of filing of original ITR.

Since you have 2 Form 16s, after uploading the first Form 16, you need to click on ‘upload another Form 16’ and submit so that both Form 16s gets uploaded.

I must highlight that normally when you have 2 Form 16s there would be additional tax payable due to double count of various exemption limits and deductions in each Form 16. You would end up paying interest on the additional tax as well.

Money