Returning joining bonus

TDS 901 views 3 replies

Ratika Sablania

13 Points Joined July 2017

Hi,

I was with Employer-1 from april 2016 to february 2017. Then i joined another employer-2 on 21 march 2017, but quit in June 2017.

On joining in 21st march, employer-2 paid me 1 lac bonus, which was returned to it in June when i left the firm

In march 2017, the employer also paid me 50k salary for 10 days. As the total amount was 1.5 lacs only, employer-2 did not deduct any TDS.

Now when am filing return for my combined income from employer1 and 2, I am being asked to pay extra 50k tax. My question is - do i really need to pay this extra tax, as this extra 1 lac joining bonus i had returned in June. My TDS and tax calculation for my first employer is tallying. Please help.

Replies (3)

neeraj gupta

1138 Points Joined March 2017

who is asking you to pay extra tax, your prev employer or your tax preparer?

Ratika Sablania

13 Points Joined July 2017

Tax preparer. I filed in my details using cleartax.com , its coming as 52k extra tac to be paid..my total taxable income is aroun 17 lacs, hence probably the 30% slab is causing such a stretch on the 1.5 lac sum recieved in the month of march..

neeraj gupta

1138 Points Joined March 2017

yes that is correct. In your case I think you should be able to claim the deduction in subsequent year, since as on 31st Mar you had the bonus. And it is always better to submit Salary details of previous employer to new employer even when they don't ask. It saves you from surprises. Try the CA assisted filing to stay on safer side.