KT Bond recovery not reflecting in Form16
This query is : Resolved
Prashant Pandey
(Querist)
01 July 2024
Hello Team,
Trust you all are doing good.
I have a situation where in year 2022-23, taken a paid training from outside market worth 5L which was paid by employer, a KT bond was signed for 2 years effective post training. After 19 months of service(in year 2023-24) I decided to change the organization, had discussions on KT bond recovery on pro-data basis but they were adamant to recover full amount and during 3 months notice they recovered it full(2L+1.5+1.5L).
Now I have received Form 16, where they haven't mentioned this recovery but only income earned and respective other deductions during my stay.
As a consequences I have to pay taxes on those 5Lacs which I didnt received.
Could you please suggest way forward to show the amount which was recovered and reflect them while I process the ITR now.
Thanks
Prashant Pandey
Trust you all are doing good.
I have a situation where in year 2022-23, taken a paid training from outside market worth 5L which was paid by employer, a KT bond was signed for 2 years effective post training. After 19 months of service(in year 2023-24) I decided to change the organization, had discussions on KT bond recovery on pro-data basis but they were adamant to recover full amount and during 3 months notice they recovered it full(2L+1.5+1.5L).
Now I have received Form 16, where they haven't mentioned this recovery but only income earned and respective other deductions during my stay.
As a consequences I have to pay taxes on those 5Lacs which I didnt received.
Could you please suggest way forward to show the amount which was recovered and reflect them while I process the ITR now.
Thanks
Prashant Pandey
CA R SEETHARAMAN
(Expert)
02 July 2024
No deduction allowed under income tax now.
It's a genuine deduction income tax law needs amendment.
It's a genuine deduction income tax law needs amendment.
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