Hello Everyone,
In 2016 my MNC employer transferred me overseas from India for a duration of 3 years. While transferring I was paid some bonus of 15 lakh INR as an agreement that I should join them back after my assignment. It was paid as part of my salary and tax was deducted at source. So I got around 10lakh. But as per agreement I am suppose to return 15 lakhs if I don't join them back. I am ready to pay them back but can I reclaim the earlier tax paid from government? If I pay this 15 lakh to my employer, will it be treated as loss for me and will it be eligible for tax exemption? As I am already paying taxes on my salary. This becomes a double burden. How does this work? Please help me. How could I sign this type of agreement is another story. I don't want to fight with my employer and I have my own reasons for not joining them back.
CAclubindia
