Hi Sir/Madam,
I work for an IT company in Bangalore. During our hike cycle in April 2021, I was given a one time skill bonus of 3 lakh rupees,which was not part of my CTC. This has a clause that if I leave the organization before April 2022, I must pay the amount of 3 lakh to the organization.
As I am in 30% tax slab, I could get only 2.1 lakh of 3 lakh bonus, with 90k gone into tax.
Firstly, is one time bonus taxable or any exemption we can apply while income tax filing return ?
Now, I have got offer from a different organization and I have resigned in my current organization. In this case, I am asked to transfer 3 lakhs to company account as NEFT.
In this case, I should pay 2.1lakh of what I had received + 90k of the amount who went into tax from my pocket.
As I am returning 3 lakh, is there a way where I can show to get my earlier 90k tax exemption as I will be returning complete one time bonus back to organization ? Atleast it would save me not to pay anything extra from my pocket.
Please help in case there is a way to address current situation.
Regards
Suresh
CAclubindia
