repayment of retention bonus to employee
This query is : Resolved
24 June 2011
Employer paid retention bonus in one financial year with the condition that if employee leaves before the stipulated period the same would be recovered from him.Tax on same was also deducted.
employee leaves before the end of the period in the next financial year and the bonus element is recovered from his last drawn salary.
can the employee claim the recovered amount as a deduction from the salary? How will be the same disclosed in Form 16.Please advise
employee leaves before the end of the period in the next financial year and the bonus element is recovered from his last drawn salary.
can the employee claim the recovered amount as a deduction from the salary? How will be the same disclosed in Form 16.Please advise
24 June 2011
If you have time enough to revise the return the same can be shown in revised return. If not then in current form No. 16 the employer can show the salary and then show the deduction for conditional bonus which will reduce the salary.
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