|
In previous year i.e 2011-2012 for first six month i entered into agreement with a company to provide services of engineering for its machineries located through out U.p through amy proprietorship firm. & raised two bills of Rs. 177000 & 208000/- dated 30-6-2011 & 30-10-2011 respectively. but due to some misunderstanding Company didnt deducted my TDS in that previos year,And now saying that they will deduct tax in this F.Y 2012-2013 & will show there expense in this year.
For the rest of six month of previous year i.e september2011 to march 2012 i joined the same company as employee for which tds deucted properly & i got form no. 16.
Problem is that if i show such income as my this year income on due basis(as per service tax rules) & pay tax accordingly than can i claim tds in next financial year when i will not show any income from business because in that year i will be in employment for full year.
The hardship is that if i will show this income in next year i will be taxed in 20% slab for this professional income because in that i year i will be earning around 6 lacs through myy salary.
Therefore i want to show that income in this year only which is genuine too as i have only six month salary as my income this year as Rs. 3,00,000/- approx.
therefore after deducting expenses from my professional income i want to pay tax on such income in this f.y year only because my total income will be less than Rs. 500000/- & hence i have to pay tax @ 10%.
Can I do so & claim Refund of Tds deducted by co. in f.y 2012-13 when actualy i am having no business income in that f.y.2012-13.
Department will allow me refund or will it ask for amount credited by co. during the year is not shown by you in your return for f.y 2012-13. & i have to proof to department that i have already included such income in my previous year income
i.e 2011-2012 & had paid tax accordingly. |
