Tax return on service bond payment

This query is : Resolved

Ashish (Querist)
Follow

15 November 2021 Hi, I had to pay an amount of 4 lakh for breaking the service bond agreement with my previous employer along with a notice buyout. My current employer has agreed to reimburse the bond and notice the buyout amount I paid to my previous employer but in the full and final settlement from my previous employer only the notice buyout amount is deducted from total income under the income tax calculation. How can I reduce the amount I paid for bond payment while filing tax returns so that I don't have to pay extra taxes. While talking to HR they said the bond payment won't show up in form 16 as it's not part of CTC.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

15 November 2021 Upto 10% variation is allowed in salary income reporting. Reduce to this extent only.

Ashish

Ashish (Querist)
Follow

15 November 2021 How can I reduce my income while filing a return? it picks up from form16 only right? And is there a way to claim full deduction on this?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

15 November 2021 See whether correction is allowed.
Full deduction can't be claimed in view of figures compared with form 16.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Anurag Sharma

Shraddha Pangam

J.Vijai

sachingurav

Tanishka Khandelwal

Subscribe Now

Tax return on service bond payment

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

CA Final

Senior Executive