I have received incentive from my company and paid tax for it already. I am planning to quit the company and as per policy i have to repay the incentive. Now the question is will the incentive be deducted from my Gross salary income for tax computation.
My feeling is i am entitled for deduction while computation of Tax...
05 January 2012
What ever the income, you get in this year is only taxable for this year, If you have paid back the incentive which you have received during the year, that is not taxable cause you have not earned that in this year. I hope this clarifies your doubt.
CAclubindia
