TAX CLAIM ON BONUS RETURNED
This query is : Resolved
02 March 2009
An employee has to return the sign on bonus which was given to him in february(returned in april).
Tax has been deducted on the bonus when it was given to the employee.
How to claim the tax deducted as the bonus is no longer income of the employee?
In which year should the tax be claimed as ther is change of financial year?
What would be the treatment if the employer also change?
Tax has been deducted on the bonus when it was given to the employee.
How to claim the tax deducted as the bonus is no longer income of the employee?
In which year should the tax be claimed as ther is change of financial year?
What would be the treatment if the employer also change?
02 March 2009
Dear Ankur,
In such a case Revised return is to be filled, if employee has filled the ITR.
But In Starting of AY amployee caame to know about return of Bonus amount that means yet he has not received Form 16A from employer. So employee has to apply for refund after filling ITR.
ANd for employer adjustment will be made as per AS-4 just by cediting the P&L upto the extent of bonus and employer has to disclose it
In such a case Revised return is to be filled, if employee has filled the ITR.
But In Starting of AY amployee caame to know about return of Bonus amount that means yet he has not received Form 16A from employer. So employee has to apply for refund after filling ITR.
ANd for employer adjustment will be made as per AS-4 just by cediting the P&L upto the extent of bonus and employer has to disclose it
30 June 2023
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