How to claim back TDS in the next financial year
This query is : Resolved
25 April 2023
Dear Sir/ Madam,
I am an individual tax payer and want the following information from your end. I hope you will oblige.
I work in a pvt organization. My company pays me an annual retention bonus – an amount for continuing in the company. According to the agreement, if I leave the company before completing 24 months after the payment of the annual retention bonus, I will have to return the same to the company.
I will get the annual retention bonus this financial year which will be subjected to TDS. If I leave the company in the next financial year, I will have to return the entire retention bonus. In that event, can I reclaim the TDS deducted against the annual retention bonus in this financial year during the next financial year? If so, what is the procedure and which ITR form to use for the purpose pls? Can I use section 119 to claim back the TDS in the previous financial year?
I will be highly obliged if you can kindly guide me on the matter. I look forward to your reply.
Thanking You,
Nirbindu Das
I am an individual tax payer and want the following information from your end. I hope you will oblige.
I work in a pvt organization. My company pays me an annual retention bonus – an amount for continuing in the company. According to the agreement, if I leave the company before completing 24 months after the payment of the annual retention bonus, I will have to return the same to the company.
I will get the annual retention bonus this financial year which will be subjected to TDS. If I leave the company in the next financial year, I will have to return the entire retention bonus. In that event, can I reclaim the TDS deducted against the annual retention bonus in this financial year during the next financial year? If so, what is the procedure and which ITR form to use for the purpose pls? Can I use section 119 to claim back the TDS in the previous financial year?
I will be highly obliged if you can kindly guide me on the matter. I look forward to your reply.
Thanking You,
Nirbindu Das
26 April 2023
There will be no tax treatment related to this refunded amount. No tax refund.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Gst on travel by air for business purposes
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Error in uploading Form 10BD
- NRI INSURANCE ADVISOR
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- ITR-3 File/Error Found
- Missed TDS
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
