Ask Mint | Tax returns can’t be filed in advance1 min read . Updated: 26 May 2010, 09:29 PM IST
Ask Mint | Tax returns can’t be filed in advance
It is not possible for you to file your income-tax returns in May 2010 for fiscal 2011. You will have to wait till the completion of the year before you file your returns.
Whether or not you would be required to file your returns after the end of the financial year would depend on what is your total income for the full fiscal. If your total income is below the maximum amount not chargeable to tax, which is Rs1.6 lakh (assuming that you are a male assessee and not a senior citizen), there would be no need to file returns.
The taxability of income earned in the US depends on your residential status in India during the year in which you migrate. If you are migrating in May 2010, you would be a non-resident for tax purposes in India and, therefore, income earned in the US will not be taxable in India.
I changed my job in February. At the time of computation of my income, my new employer told me that my previous employer had deducted extra tax. What is the refund process? Having worked in two companies in the same year, what would be the process of filing returns?
Since you have worked in two companies in the same financial year, you would receive two Form 16s in respect of your salary income. While preparing your return of income, the income under the head “salary" will be clubbed from both the employers. Thereafter, your total tax shall be computed. The tax deducted by each employer would be aggregated and set off against the total tax payable by you. If any refund is due after that, it shall be claimed on the basis of the return filed by you. There is a separate column in the form, wherein the refund due is to be mentioned. As and when the return is processed by the tax department, the refund shall be paid to you. If, however, there is some amount of tax that still needs to be paid, the same shall be payable before the filing of income-tax returns.
Queries and views at email@example.com