Tax benefit on recovery of salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 January 2011
Excess salary was drawn by the employee due to wrong calculation on the part of the accounts. Now the excess salary are being recovered on installment basis from his salary. Whether the employee will get tax benefit on the recovered amount, on the ground that he was already paid TAX on the excess amount in the previous years? Thanx..
25 January 2011
Recovery is to be from current salary, so that current period tax will automitaclly be reduced.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2011
Is it Recovered amount will be straightway deducted from the Gross income? Can you refer any Rule/ Reference under Income Tax Act in this relevance?
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