TAX TREATMENT OF RETURN OF BONUS

This query is : Resolved

ankur (Querist)
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23 March 2009 An employee has to return the sign on bonus which was given to him in february(returned in april).

Tax has been deducted on the bonus when it was given to the employee.

How to claim the tax deducted as the bonus is no longer income of the employee?

In which year should the tax be claimed as ther is change of financial year?

What would be the treatment if the employer also chanGE?

Please tell from the point of view of employee.

K V Subba Rao

K V Subba Rao (Expert)
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23 March 2009 Could you please state under what circumstances, employee is required to return bonus amount. If it is for not continuing in service for specified agreed period, no tax benefit could be given. Search google to read Articles relating to Notice Pay