return of excess incentive

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manmohan gusain (Querist)
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20 May 2011 I AM EMPLOYED WITH LIC.I RRECEIVED INCENTIVE IN F.Y.2010.THERE WAS INCREASE IN THE SALRY DUE TO PAY HIKE.ARREARS WERE PAID ON OCT.2010.DUE TO PAY HIKE MINE INCENTIVE GOT REDUCED AND OUR DEPARTMENT HAS ASKED US TO DEPOSITE THE EXCESS OF INCENTIVE IN THIS F.Y.2011.

1.CAN I PAY BACK THE EXCESS INCENTIVE THROUGH MY SALARY IN INSTALMENTS?
2.WHAT ABOUT INCOME TAX PAID BY ME ON THE EXCESS INCENTIVE ?
INCENTIVE IS APART FROM THE SALARY AND IS CALCULATED FOR THE PERIOD OF ONE YEAR

U S Sharma

U S Sharma (Expert)
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20 May 2011 please share the mode of incentive, if these are issued in lieu of salary then refundable, The refund would be deducted from your taxable salary in the year of payment.

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