Today, I received Form-16 form previous employer. While leaving my previous employer I have to pay a total of Rs 9,58,734/= ( 3,00,000 (joining Bonus - paid in 2024) + 6,58,734 notice period recovery). In form-16 the recovered amount is not reflected.
Do I have to pay tax for 9,58,734/= also. Is there a provision in IT act to claim refund for the same?
01 July 2025
mostly yes. I am not sure if there is any change in tax laws or if there is any new case law. But atleast in one such similar case, the said amount was not allowed to be reduced from salary. Income Tax Appellate Tribunal – Chennai, S.S.N.Ravi, Chennai vs Assessee on 6 May 2016 I.T.A. No.933/Mds/2015. Assessment year: 2008-2009