I got retention money of 2.5 lacs from my employer for 3 yrs out of which 20% (50000) was deducted as income tax. After 3 months I quit the job and had to return the whole 2.5 lacs. Is there any way to get those 50 thousand I paid as income tax back.
Ameet Patel Ameet N Patel is a chartered accountant and former President of Bombay Chartered Accountants Society - BCAS
Subodh V Shah CA Subodh V Shah is a Fellow Member of the ICAI. A merit ranker throughout his career, he stood 3rd in CA Intermediate and 17th in CA Final. In addition he also got the prize of ICAI for scoring the highest marks in Direct Taxes at CA Final. He is practicing Chartered Accountant as well as a teacher for over 20 years.
Ameya Kunte Ameya Kunte is a Tax Professional, Chartered Accountant & Co-founder - Taxsutra.com
Nikhil Vadia CISA qualified Nikhil Vadia is a Chartered Accountant in practice since 1997
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on financial and tax related issues
Debashis Basu Debashis Basu is the co-founder of Moneylife, a CA by qualification with three decades of experience as a journalist and author of several books