Taxed amount earlier years recovered by employer
This query is : Resolved
P.Madhivadhanan
(Querist)
17 July 2024
In financial year 2022-2023 performance based incentive given to employee. After the financial year performance audit conducted by the employer,. Based on performance audit report, amount given to the employee was recovered to the tune of Rs.50800. The assessee paid the tax on full incentive in financial year 2022-23 retur. Current Financial year 2023-24 ,he got incentive Rs.280300 and on that TDS was deducted. I want to know while filing the return of income for FY 2023-24, already recovered amount is deductible in current year incentive or any other remedy is available to the assessee
CA R SEETHARAMAN
(Expert)
18 July 2024
Yes, already recovered amount is deductible in current year incentive.
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