Bond amount paid by employee upon resignation from services
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2015
The assessee, being a salaried employee, was employee of a Public Sector Undertaking and under the terms of employment there was a bond binding the employee to work in the organisation for a minimum period of 3 years.
Annual salary income of the employee was Rs.6.00 lacs. The employee resigned from the organisation after working for 1 year and 6 months and was liable to pay Rs.2.50 lacs to the employer.
The query is, can the amount paid under the indemnity bond be reduced from the income from salary or claimed as a deductin because effectively the employee earned only Rs.6.00 lacs minus the bond amount.
Annual salary income of the employee was Rs.6.00 lacs. The employee resigned from the organisation after working for 1 year and 6 months and was liable to pay Rs.2.50 lacs to the employer.
The query is, can the amount paid under the indemnity bond be reduced from the income from salary or claimed as a deductin because effectively the employee earned only Rs.6.00 lacs minus the bond amount.
02 March 2015
Yes you can reduce the amount from the salary.
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