Taxability of Retention Bonus
This query is : Resolved
14 July 2022
Retention Bonus paid to employee in the financial year 2020-21 and recovered back from full & final settlement in financial year 2021-22 as the condition of not leaving the company for one year was not met. Can the amount recovered back be claimed as deduction by employee?
Request for an advice in terms of the position under Income Tax Act!
Request for an advice in terms of the position under Income Tax Act!
14 July 2022
Yes, you can claim the same. There are case-laws supporting the claim.
14 July 2022
Thank You Sir! Would appreciate if you could please cite the case law for my better understanding! Thanks again
14 July 2022
ACIT vs Dileep Ranjekar in ITA No. 858/Bang./2016
https://www.taxcorner.co.in/2020/08/interest-earned-on-epf-after-employment-is-taxable-itat.html
https://www.taxcorner.co.in/2020/08/interest-earned-on-epf-after-employment-is-taxable-itat.html
14 July 2022
Thank You Sir! Shall go through the case law and do the needful!
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