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Mahesh

Mahesh Padmanabhan  |120 Answers  |Ask -

Tax Expert - Answered on May 26, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more
Dinesh Question by Dinesh on May 20, 2023Translate
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Repeated question and considered your reply...My view: Govt employees have to pay tax on salaries from March to Feb of any year. But if a person retires on 31st March, then salary for 13 month has to be taken academically. Academically, we should recalculate previous years taxable income. Since, practically it is not convenient, so we should pay tax on 13 months salary. And there is no way to save tax on extra month salary. Pls confirm ...

Ans: Hi Dinesh
I do not understand why the financial year would be different for government employees. The taxation is always on income during the period April 1 of a year to March 31 of the subsequent year and there is no 13 month salary taxation concept
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.
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Anil

Anil Rego  |330 Answers  |Ask -

Financial Planner - Answered on Dec 15, 2021

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I am a service holder and receive a monthly salary from my employer. In FY 2020-2021, the payment of salary was irregular. Till date, I have received salary for 11 months. The salary last received was on 13.08.2021 for the month of January and February 2021. Taxes were deducted at source before payment. Tax deducted for nine months (April 20 to December 20) were duly deposited and reflected in Form 26AS and Part A of the Provisional Form 16. Taxes were deducted from the salary of January and February 2021 but not yet visible in 26AS or Part A (provisional) of Form 16. In the meantime, Part B of Form 16 for the year 2021-22 AY, last updated on July 23, 2021, has been officially handed over to me by the employer which shows 'Salary as per provision contained in section 17(i); as salary for 12 months. Other figures in that statement including tax calculation are based on 12 months' salary. I sought clarification in this regard from my employer but nothing is informed. Under the circumstances, can you kindly advise whether my I-T return for FY 2020-2021 (2021-2022 AY) is to be submitted based on nine months's pay, 11 months's pay or 12 months's pay.
Ans: In a financial year the following are taxable under salary:

  1. Amount received as salary in FY
  2. Amount due as salary in FY, whether received or not
  3. Any arrears of salary received (if not taxed in previous FY)

If the TDS is not confirmed in 26AS, that means the employer has deducted taxes while paying you the salary but has not deposited the same with the I-T department.

You need to keep your salary slips, bank statements and Form 16 carefully and submit it as proof, if required.

You can continue to pursue your employer for payment of the additional month's salary that has not been received by you.

Ideally, you can file returns for 12 months, as per the Form 16 provided to you.

Finally, if your issue is not resolved and your 26AS continues to not show the TDS, you can write a detailed mail with backups to the assessing officer and keep it as proof.

 

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Sunil

Sunil Lala  |150 Answers  |Ask -

Financial Planner - Answered on Feb 26, 2024

Asked by Anonymous - Feb 26, 2024Translate
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Dear sir, I am currently 45 and just off from my dependents i.e., my 3 sisters out of which 2 were expecting my help to settle on their life - both my sisters off from their burden to an extent as their son started working and daughters were married to a decent families. I helped them by helping on their studies, marriage of my niece and assisted my nephew to buy a property (provided the advance or initial payment of 4 lacs). I haven't saved anything for my kids yet except a house , some jewellery about 50 sovereign and 1/2 ground land. My sisters and mother doesn't feel complete but I have informed it is not happening because I need to looks at my 2 kids 11 and 6. Besides, my wife is super supportive and never disputes or raised concerns. The ask is I have been working since childhood like 16 so feeling tired at times so I am planning to start my own businesses but still I am feeling jittery as I didn't save much for their studies etc. I am working in ites services so I feel like that I have 5 years max ahead. No politics in the office but I am stuck with no major opportunities. Please guide me on how to put a perspective and lead a clear way ahead as I am totally confused to be honest. Thanks in advance and please write back as this is my second time asking for suggestions.
Ans: It would really be good to answer you but I am confused as what to tell you because you have not mentioned any of your financial goals as such, I may not be of any help to you for your social obligations
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Financial Planner - Answered on Feb 26, 2024

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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