Hi, I have a query around Income tax and form 16. I have joined an Organization in last Financial year in Nov 2020. That Organization gave me a bonus of 94K as joining bonus on the condition that If I leave the organization within 1 year then company will recover the same amount from me. Now this bonus of 94k has been captured in Gross income in FORM 16 in FY 20-21.
I left the same company in June 2021 and as a condition the same amount was recovered from my full and final. I have the full and final statement where that amount was recovered from my full and final amount due. Now I am asking my company to adjust that amount from Gross income as that has been taken back, but organization saying that the amount was paid and recovered in different Financial year so cannot be adjusted in form 16. I have even asked the company to adjust the amount in next financial year, but they are not ready to adjust. Can you confirm if I can save myself from paying extra tax on this Bonus amount which was included in my Gross income in FY 20-21. If yes then how can this be done?
CAclubindia
