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Bonus recovered - taxes paid - itr help needed

30 August 2014

Hi CAClubIndia,

I need some help in filing IT returns.

I have received a bonus of Rs. One lakh from my employer in Sept'13. I have paid taxes for the one lakh bonus (20% bracket = Rs.20,000). However, this bonus was recovered by employer in Apr'14. This return of money did not reflect in Form-16 because financial year closes in Mar'14.

I need help in preparing my returns in such a way that I receive refund of taxes relating to bonus recovered by employer?. I have not yet filed returns for FY-13-14. I have hired a consultant for this. He was filing my taxes just by reducing salary by one lakh. Is it the right thing to do?. Looking for expert advice.

Thanks

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4 Replies

Tax Care India (https://www.taxcareindia.com) (39 Points)
Replied 30 August 2014

Originally posted by : ravi chandra m

Ideally your employer should have shown that as part of FORM-16. How you paid bonus amount back to company ? (Cash/Cheque/NEFT)

Do you have document of proof that they are recovering bonus amount which was paid to you ?

Thanks,

Tax Care India

https://www.taxcareindia.com

info @ taxcareindia.com
Hi CAClubIndia,

I need some help in filing IT returns.

I have received a bonus of Rs. One lakh from my employer in Sept'13. I have paid taxes for the one lakh bonus (20% bracket = Rs.20,000). However, this bonus was recovered by employer in Apr'14. This return of money did not reflect in Form-16 because financial year closes in Mar'14.

I need help in preparing my returns in such a way that I receive refund of taxes relating to bonus recovered by employer?. I have not yet filed returns for FY-13-14. I have hired a consultant for this. He was filing my taxes just by reducing salary by one lakh. Is it the right thing to do?. Looking for expert advice.

Thanks

ravi chandra m (-) (25 Points)
Replied 02 September 2014

My employer did not change form16. In defense of this, they explain that Rs.1 lakh was recovered after mar'14 which is after the end of financial year. So he did not change my form-16 and left it to my headache.

I have paid them using NEFT from my account (jointly held by my father). I also have the F&F statement given by company that clearly states the amount recovered.

How should i claim the tax back while filing returns?.

Tax Care India (https://www.taxcareindia.com) (39 Points)
Replied 02 September 2014

In this case it can't be claim in current return of AY 2014-2015. However it can be done in next year's return AY 2015-2016.

Since this query becoming more of a personal case now, you may write/seek more information by writing to info @ taxcareindia.com

Thanks,

Originally posted by : ravi chandra m
	My employer did not change form16. In defense of this, they explain that Rs.1 lakh was recovered after mar'14 which is after the end of financial year. So he did not change my form-16 and left it to my headache. I have paid them using NEFT from my account (jointly held by my father). I also have the F&F statement given by company that clearly states the amount recovered. How should i claim the tax back while filing returns?.