Notice Pay
This query is : Resolved
JONALI BANERJEE
(Querist)
17 November 2009
The notice pay (Paid at the time of resignation to the employer without serving the notice period)can be claimed as deduction from the gross total income by the employee?
CA SANJAY MUKHERJEE
(Expert)
17 November 2009
No, although this is outflow/expenses in the hands of the employee there is no provision for adjusting/deducting expenses for computation of income under the head Salary.
JONALI BANERJEE
(Querist)
17 November 2009
I want some more views on this.
C.A.Amitabh Gupta
(Expert)
17 November 2009
Once salary is earned by an emoployee, it becomes taxable in his hands. The amount paid as notice pay amounts to an application of income and it cannot be claimed as deduction from salary income
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