Income arising from pending case
prithwish sengupta
(Querist) 09 December 2011
This query is : Resolved
i am a salaried employee working in a bank.
i have earned income for FY 2010-11 and file the return timely and claim refund in my return which i have recived from the income tax department.
However, at the time of filing the return, bank lodged a case in the high court regarding taxation of the pension. At that time bank did not deduct tax at sourcefro any employee.
Now the verdict has come aganist the bank and high court has ordered the bank to deduct TDS at source.
Now i am confused about what to do regarding my income related to previous year 2010-11, which was disputed and received by me during the current year.?
Can i revise my return? because due date for revision the return is 1 year from the end of the assessment year or completion of assessment, which is earlier.As i have received my refund, now can i go for revised return?
kindly suggest the right procedure to pay the tax on the income which was disputed and received by me during the current year i.e.2011-12.
Guest
(Expert) 09 December 2011
It is better to wait for the communication from the bank, as based on the judgment.
Raj Kumar Makkad
(Expert) 09 December 2011
As per your version the matter under litigation (now decided against bank) relates with the TDS of the employees getting pension and not with the salaries employees so there is no question having any impact upon you.
You are not going to be adversely affected if the facts of the case are same as you put here.
prabhakar singh
(Expert) 09 December 2011
A bit complicated question,better to have advise of a tax law practicener of your area.
soumitra basu
(Expert) 21 December 2011
Although you have received the refund, you are entitle to file revise return if you filed the orginal return in time. In the revised return you have to include the enhanced pension, if any, and claim TDS as advance payment of tax.
