I was given Joining bonus (lets say 1,00,000) when i joined my employer on March 2017. Tax (around 30,000) was deducted for the same. It is reflected in my last year form 16 (FY 2016-2017). Now I am repaying the joining bonus as I did not stay in the company for the stipulated amount of time. Is their a possibility to show that 1,00,000 I repaid as a loss in the current Financial year (FY 2017-1018) tax filing (which I will file next year) and reclaim the tax I paid. Otherwise I am paying income tax to income tax department for the money I did not earn.
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Tax reclaim for joining bonus repaid in different FY
Replies (3)
I would like to hear from others.Since Salary can't have a negative component, you can try to refile the modified ITR for prev year and claim a refund.
Better consult your AO before that.
Thanks for the reply
I will be repaying my Joining bonus (which I got in March 2017) next week. Is it possible to remove that component when I file for taxes (for FY 2016-2017) this year.
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