Dear Sir, Bonus of Rs 2.5lakh recd in 21-22 recovered in 22-23 by employer for resignation in bond period. Recovery not shown in form16, instead a certificate issued saying "....2.5L recovered & income of 22-23 will be reduced by that amount."
How the return can be filled to get refund of excess tax deducted.
Menu
Bonus recd in 22-22 recovered in 22-23
Replies (3)
Hi Tapan
One such case was filed with the Income-tax appealte tribunal - S.S.N. Ravi, Chennai vs Assessee on 6th May 2016 I.T.A. No. 933/Mds/2015 for A.Y 2008-09.
Key Takeaways from this case:
Sign-on bonus refunded to the previous employer can not be reduced from taxable salary.
Refund for TDS deducted by the previous employer at the time of returning the sign-on bonus can not be claimed.
One such case was filed with the Income-tax appealte tribunal - S.S.N. Ravi, Chennai vs Assessee on 6th May 2016 I.T.A. No. 933/Mds/2015 for A.Y 2008-09.
Key Takeaways from this case:
Sign-on bonus refunded to the previous employer can not be reduced from taxable salary.
Refund for TDS deducted by the previous employer at the time of returning the sign-on bonus can not be claimed.
Aakarsh, TDS already deducted on sign -on bonus and was credited into the govt. account from the salary. Amount of Bonus was refunded but the tds is already deducted and credited into govt. account. He should claim the refund in its itr
I am confused!
Recent Topics :
- Representative assessee
- Investment Income as Business Income for Sec. 44AD
- In ITR 4 u/s 44ADA what amount we shoud show under
- Salary expenses how to treat
- Pos related issue
- Gift of unlisted shares to friend upon marriage
- Utilising Section 54(F) for capital gains reinvest
- GST ewaybill closure and Bill to ship to GST numbe
- TDS ON PARNTER INTEREST
- Share important chapters of ca inter costing
Related Topics :
CAclubindia
