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Anil Rego |373 Answers |Ask -Follow

Financial Planner - Answered on Jan 28, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Amit on Jan 28, 2021Hindi

Money

I am a salaried employee and worked for a Pvt company. I left the Job is Nov'19 previous year and took a sabbatical for 6 months for my family.

On my last day, I submitted all my investment proofs and as per my calculations, the final TDS should have been NIL and I should have been eligible for refund of TDS which was deducted in earlier months.

When I received Form-16 for FY1920 on the end of Oct'20, I found they had missed out considering my deduction us/24 (b). Interest on housing Loan was missing and due to which my refund amount was reduced. When I checked with Company, they refused to consider it now and asked me to consider it while filing my ITR.

Please let me know, can I consider the same while filing my ITR and how do I get it considered to save on my tax return?

Ans: Yes, you can. Even though your employer has not considered the same and the TDS has been deducted, you can still get a refund by disclosing the interest on your home loan and any other deductions not considered by your employer, while filing your ITR.

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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Hi Sir, I received leave encashment this year from my employer but because of non submission of certain documents they didn't add to my form 16 and currently they're saying books closed so no amendment is possible. In this situation since my tax liability increase to a huge extent, Should I consider adding this exemption in my ITR? if employer provides me with exact value of exempt that was possible in my case if I would have furnished asked documents. Thank you

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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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