Income from salaries - Loss of pay for notice period
This query is : Resolved
16 March 2008
Dear Memebers,
If an employee leaves the job by not serving the full notice period then salary equivalent to shortage of notice period will be recovered from the employees salary. Will this amount be deducted from the total salary paid by the employer in the Form 16 sent to employee. Can an employee show this amount recovered by employer as deduction from salary income in the return to be filed with Income tax department.
Reagrds,
Sridhar J
If an employee leaves the job by not serving the full notice period then salary equivalent to shortage of notice period will be recovered from the employees salary. Will this amount be deducted from the total salary paid by the employer in the Form 16 sent to employee. Can an employee show this amount recovered by employer as deduction from salary income in the return to be filed with Income tax department.
Reagrds,
Sridhar J
16 March 2008
no, only net salary will be shown in form-16 & i return & not as deduction
16 March 2008
no, only net salary will be shown in form-16 & i return & not as deduction
17 March 2008
Only showing of Net salary will hold good
17 March 2008
Only salary actually received shall be shown in Form 16
19 March 2008
Gross Salary net off deductions is taxable in the hand of employee.
Deduction of salary for shortage of notice period is a penalty imposed by the employer which cant be deducted from salary for calculation of Tax.
Deduction of salary for shortage of notice period is a penalty imposed by the employer which cant be deducted from salary for calculation of Tax.
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