Hello everyone,
I paid Rs. 1 lac to my employer last November towards discharge of an employment bond. I want to know the tax treatment of this money. Can I deduct it from my salary while calculating the taxable income? Or is there any other way in which I can claim benefit of having paid this amount and reduce my payable tax?
in my opinion
NO YOU CANNOT DEDUCT FROM YOUR SALARY........IT WILL BE A INCOME FOR COMPANY RECEIVING IT U/h INCOME FROM OTHER SOURCE....as employment bonds are not legal in law...under Income tax it is disallowed as an expense.
agree with ahujankit
What will be the tax implications of refunded employment bond in the hands of employee..how to show it in ITR?
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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Naveen Fintech Pvt Ltd
Kolkata
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