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Query regarding filing of income tax return

Others 254 views 2 replies

I have a salary income of Rs. 40 lakhs with a TDS of Rs. 9 lakhs which is reflecting in my form 26AS. However, It is stipulated in my employment agreement that if I'll change my job then I will have to return last quarter's salary of Rs. 6 lakhs which I have returned in the succeeding F.Y. i.e.2021-22.

So my query is that how much proportion of my salary i.e. 40lakhs is taxable in F.Y.2020-21.

Kindly resolve my issue asap.

Replies (2)

Follow form 16. Ask your employer to rectify the TDS deduction statement to net off the returned amount..

One has to pay Income tax on entire 40 lakhs in the return of FY 20-21 as TDS deducted on entire 40 lakhs.
Employee is paying Rs 6 lacs as a compensation for loss of employee to employer company.
There would not be any loss of revenue to the department for income of 3 months period.


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