Income tax refund on returned part of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2017
I received a sum of money (5 lakhs) from my company as a joining bonus during the 2016-17 Financial Year, on the condition that if I leave the company in less than three years, I have to return it. I had to pay tax on this amount as if it were a part of the rest of my income in the Financial Year ending March 2017. I am leaving the company in July 2017 and will be returning this amount. Can I get a refund of the tax I paid on the bonus, by highlighting this while filing my income tax return? What documents do I need apart from Form 16?
03 July 2017
No, you will NOT get any deduction for the same UNLESS your employer shows the same in form 16.....as recovery of salary
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