Form-16 and tds related query

TDS / TCS 602 views 2 replies

manish

UI Dev

29 Points Posted on 01 July 2012

My query

1. I joined IT company in february - 2011 as per my deal with company they have given me 60,000 as joining bonus and rule is like if i am not staying in company for 1 year that i have to pay back that joining bonus

2. For 60,000 amount i paid income tax before filing return of 2011 - 2012 assesment year

3. now i left company in september 2011 and i they dudcted 60,000 from my salary now they are shoing that deductin in salary pay sleep but not in 2012 year form 16 before a week they have provided me form 16

4. Now question is they should provide me my salary less 60000 in form-16 or not,
If not then i have to pay tax for that 60,000 which is actually they have dudcted from my salary and is not my income.

They are saying that we can't revise form 16 so any specific reson behing that

Please help me....

Replies (2)

HEMANSHU KAUSHIKKUMAR PANDYA

Chartered Accountant

44 Points Posted on 01 July 2012

1. the bonus is taxable on receipt basis so I think u have already paid tax on the bonus and the question for bonus ends there.

2. The amount which u have paid at the time of cessation is a contractual liabilty. I know it is the bonus but as per Income tax u cannot claim as deduction.

3. The company has recovered the amount from you which is similar as any other liability which u owe to company at the time of cessation. For example vehicle loan outstanding which u have taken from your employer.

4. The company is right by not showing the bonus as deduction in your Form No. 16.

manish

UI Dev

29 Points Posted on 02 July 2012

So it means i have to pay a tax of 60,000 again which is my liability not income. or there is any provision so that during filing return or any way i dont need to pay tax for 60000..