Need help calculating income tax by including negative incom

ITR Filing 536 views 2 replies

Hello all,

I need help filing ITR for a weird case.

I'm a salaried employee and my case is as described below.

Joined company A on March, 2013. Received joining bonus and allowances and paid tax for the same for FY2012-13.

Worked with company A for 3 months (April to June). Since I left the company within 6 months I need to repay joining bonus and allowances. But I've paid tax for them already in the previous financial year and now this money has been reduced from my salary in the form 16 given by A. 

As per the form 16 given by company A below are the details.

Tax deducted : 8328 (for the salary received between April to June around 104222.00)

Salary              : -65238 (104222 (salary) - 169460(bonus and allowances))

Worked with company B and below are the form 16 details.

Salary : 745604

Tax deducted : 74576

 

My query is : Is there a way I can claim back the lost tax I paid for bonus and allowances when working with company A?

Please help me on this regard and let me know if any more details are needed.

 

Thanks in advance!

 

 

 

Replies (2)

The tax paid earlier can not be reversed, and nothing can be done in 12-13.

 

As per the information provided by you, for the month of April to June,

In your Income tax return you can show your salry as on net basis (as reduced by the amount recovered by the employer), and take refund of TDS deducted by the employer.

just file your return on actual basis u can claim refund on same if your tax payable is less than what your TDS deducted... 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details