My Query is, If I refund my Retention Bonus received in Dec 2022 on March 2023 i.e. in Same FY , earned and payback, Then Is it taxable as Salary in FY 2022-2023?
Or Net Amount after reducing above bonus is Taxable as Salary.
TIA.
Nishant (Assistant) (1092 Points)
27 December 2022My Query is, If I refund my Retention Bonus received in Dec 2022 on March 2023 i.e. in Same FY , earned and payback, Then Is it taxable as Salary in FY 2022-2023?
Or Net Amount after reducing above bonus is Taxable as Salary.
TIA.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160342 Points)
Replied 27 December 2022
When refunded back in same financial year, it is not taxable, but employer should credit the amount under salary as refunded back.
The taxability will be on net taxable salary, as per form 26AS.... which requires employer's correct reporting.
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