Tax Query

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xx
24 Points Posted on 14 February 2011

Hi,

 

One person received some  bonus of Rs.1, 00,000/- (gross) from his employer in the month of May 2010.  In fact, he received only net amount of Rs. 70,000 after incomes tax deduction of Rs. 30,000.

 

Now he resigned and released from that employer.  As a part of releasing process and upon pre agreed employment terms & conditions, he had paid back the bonus amount of Rs.1, 00,000/-including the tax deducted amount in the month of January 2011.

 

Both the transactions were happened in the same financial year (2010-2011) and through cheque only

 

Can he claim for refund of Rs.30, 000/- from income tax department?

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On 14 February 2011 at 20:00 Report
Replies (9)
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Learner
3134 Points Posted on 15 February 2011

 

Yes he can claim refund at the time of filing ITR.

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On 15 February 2011 at 09:53
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B.Com CA Final CS
5270 Points Posted on 15 February 2011

yes, i think also....he can claim of Rs 30000.....but wait for expert advise.....

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On 15 February 2011 at 10:34
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pooja agarwal
55 Points Posted on 15 February 2011

hiii!!!!!!!!

Can anyone provide notes on service tax and vat for ca pcc may 2011!!

its urgent????

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On 15 February 2011 at 12:53
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Service
1028 Points Posted on 15 February 2011

Agree with Pankaj and Siddharth

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On 15 February 2011 at 12:53
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student
147 Points Posted on 15 February 2011

Yes I think he can claim refund while submiting income tax return

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On 15 February 2011 at 14:53
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student
46 Points Posted on 15 February 2011

obviously he can clain refunds. 

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On 15 February 2011 at 15:37
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Article CA Final Student
38 Points Posted on 15 February 2011

yup yr he can claim .......

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On 15 February 2011 at 18:19
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supervisor
211 Points Posted on 18 February 2011

Yes, he can claim from the Income Tax Department because there was no income in real terms (100000-100000=0).

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On 18 February 2011 at 05:45
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glidor@gmail.com
21068 Points Posted on 18 February 2011

carefully follow the form 16/16A. if the return of bonus is mentioned there, then all above replies are correct, but if there is no such mention of return of bonus, then it would get termed as "penalty for breach of code of conduct towards rules of comapny" and it would not be termed as refund of bonus" ......the amount may be identical. hence taxable in hands of employee. 

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On 18 February 2011 at 08:15

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