Hi,
The Query i am Posting is given below.
I am being paid a monthly salary from my employer. The TDS is being deducted by the employer.
Now that i am resigning, i am being told to pay component of Salary back to the Employer.
Now that I have paid the Performance Component back to employer.
Since i have paid the part of income back to the employer , Can this be calculated for tax exemption?
If Yes and then How and under which section.
Your employer will Estimate income and deduct tds accordingly your tax liability
If salary becomes due it shall be taxable. even if later on returned to employer , as per my view, there will be no exemption.
| Originally posted by : Pritam | ||
 |
Hi, The Query i am Posting is given below. I am being paid a monthly salary from my employer. The TDS is being deducted by the employer. Now that i am resigning, i am being told to pay component of Salary back to the Employer. Now that I have paid the Performance Component back to employer. Since i have paid the part of income back to the employer , Can this be calculated for tax exemption? If Yes and then How and under which section. |
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it has to be taken as penalty for breach of code of conduct for employment terms, so no deduction available, however if the employer feels good then he MAY reduce it from Taxable income, but chance is very less.
Kothari Jain Patil & Chartered Accountants
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