How to claim back TDS in the next financial year

This query is : Resolved

Nirbindu Das (Querist)
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25 April 2023 Dear Sir/ Madam,

I am an individual tax payer and want the following information from your end. I hope you will oblige.

I work in a pvt organization. My company pays me an annual retention bonus – an amount for continuing in the company. According to the agreement, if I leave the company before completing 24 months after the payment of the annual retention bonus, I will have to return the same to the company.

I will get the annual retention bonus this financial year which will be subjected to TDS. If I leave the company in the next financial year, I will have to return the entire retention bonus. In that event, can I reclaim the TDS deducted against the annual retention bonus in this financial year during the next financial year? If so, what is the procedure and which ITR form to use for the purpose pls? Can I use section 119 to claim back the TDS in the previous financial year?

I will be highly obliged if you can kindly guide me on the matter. I look forward to your reply.

Thanking You,

Nirbindu Das