I have quit my previous organisation as on 25th March 2020 and joined another organisation as on 28th March 2020. My previous organisation recovered an amount of Rs 251000 from me for notice period shortfall and i paid the same amount in the month of April 2020.
My new employer compensated the amount which is charged by previous organisation as negotiated for buyout but income tax has been deducted from me by new employer on paying 251000 i.e approx.72000
As i paid the same amount Rs 2510000 to my previous organisation and this recovered amount is not my earning as per my understanding.
Am i liable to pay taxes on Rs 251000 or do i have chances to get back the taxes on this amount.
Please suggest.
CAclubindia
