Additional TDS Deduction.

I have Joined a company Last Year and got 2 Lacs Joining Bonus net of TDS subject to the condition that I must stay atleast one year from the Joining date. Owning to other unbearable circumstances I resigned from the company and have to refund full amount of Joining Bonus to my company. 

How to claim Extra Tax Deducted from the income while filing ITR?

As the payment received in last Year and refund  made in another Year, is it possible to set off in Current  AY?

Comments

  1. AnonymousMay 16, 2022 at 9:12 PM

    Filing a revised return seems to be the possible solution

    ReplyDelete
  2. AnonymousMay 16, 2022 at 9:46 PM

    Refund of bonus took place since there is a breach of contract between employer and employee therefore it can’t be adjusted in the income of next year while filing ITR. However if there is possibility you can request your HR department to adjust the refund of bonus amount in your gross pay ie. the gross pay that reflects in your form 16 should be after reducing the bonus amount refunded. Conclusion is that refund of bonus is something you for breaching the contract and hence it can’t be adjusted in income. However when the bonus is received it is taxable in the year of receipt.

    ReplyDelete
  3. CS PRIYACHARAN S RMay 17, 2022 at 12:35 PM

    In case an employee returns joining bonus, owing to breach of contract obligations, following shall be course of action
    1) Employee to return the joining bonus amount inclusive of tds to the employer.
    2) Employer shall revise the salary and tds credit against employee PAN, by filing TDS revised return.
    However since the joining bonus is received in PY and repayment is in current year, your current year salary and tds can be adjusted to the extent of joining bonus paid by you to the company, and this can be executed in the current year tds returns filed by your company.

    ReplyDelete

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