Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Joining bonus recovery is not reflecting in form16

Save Share

This query is : Resolved

LNC (Querist)
Follow

06 August 2014 Hi Sir, Need your advise on how to reflect(in IT Return for tax exemption) joining bonus of Rs:75,000 which is recovered from me for leaving the organization within one year. Same has been reimbursed from my new Employeer. I have been taxed on both the instance. While checking with my previous employer they said the joining bonus was given in FY 2012-2013 and recovery was done in FY 2013-2014 it will not reflect in Form 16 which is issues for FY-2013-2014 by previous employer. Is there any way that this can be accommodated to avoid paying excess tax for the same amount ?

Rupesh Jain

Rupesh Jain (Expert)
Follow

07 August 2014 it will be taxable in your hand both side due to previous owner as you earn the salary and deduct agst notice and under new employement it is your income in your hand.

no way to save the tax.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now