I had left a company in December 2023. While leaving I returned the joining bonus which I received in October 2023. The company did not reflect the returned amount in Form 16. Can anyone explain the process to claim back the tax deducted on bonus.
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ITR on return of joining bonus
Replies (3)
Returning the bonus back to the company does not allow you to reduce your income. Your income will be taxable, including the bonus amount only.
Case Law: Income Tax Appellate Tribunal – Chennai, S.S.N.Ravi, Chennai vs Assessee on 6 May 2016 I.T.A. No.933/Mds/2015. Assessment year: 2008-2009
TDS is deducted on sign-on bonus by the employer while paying the sign-on bonus to the employee. However, at the time of returning this sign-on bonus, no refund of TDS can be claimed by the employee.
That's really very absurd judgement. Ideally, the joining bonus should have been net of when it was returned. Anyways, I would opine you offer joining bonus as allowance received and claim same amount as exemption under Sec 10 : Any other.
That's my view.
That's my view.
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