I am a teacher working in a private Senior Secondary school.?

Question

In the financial year 2005-06 i.e.,in assessment year 2006-07,my employer deducted at source an extra amount of Rs.1567/- for perqusite.When it was pointed ,the employer has issued form 16 on 11.06.08 indicating that the said amount is due for refund . But the income tax deptt. people are saying that the last date of submission of form for return was March'08 and hence can anybody please tell how can I get back my money.

Answer 1

Ummmmmmm..........

Let me think.

Answer 2

Few thoughts;

1. You said you got Form-16 for FY2005-06 just now??? Does that mean you have not files till date for FY2005-06?

2. The IT Dept was right in that March 08 was the last date you ever had; the last date is 1 year from end of Assessment Year for any FY, which is 2 years from end of FY - March 08 in your case.

3. On contrary to the 1567 you are to be refunded, there is interest and penalty (upto Rs. 10,000) for late payment upto March 08 and worse if after that. There is also the interest component of 1.25% every month.

I wish you clarify the first point...