NOTICE PAY GIVEN AND RECEIVED
Querist : Anonymous
SECONDLY WHETHER AMOUNT RECD. FROM NEW COMPANY AS COMPENSATION OF THE NOTICE PERIOD IS TAXABLE IN THE HANDS OF EMPLOYEE
So , I donot think this should be taxable.
This is very simple,Employer u are leaving will deduct notice pay out of your payment & will be reflected in form 16.Again receipt of notice pay will be added to your income,If not paid directly to your employer.
Please quote any case law to substantiate that the notice pay which i pay to the company will not reduce my salary income
Querist : Anonymous
So far receipt on any amount from new employer is concerned we all agree that it is clear cut taxable in the hands of the employee as it is sort of compensation from employer to employee. But so far as payment of notice time pay by employee to company different views are shared by different members. Since employee is any ways making the payment to company from his already earned salary income in past or previous months and no seperate deductions are permissible to salaried emolyees except cleared defined than i think cannot be claimed as deduction by employee. For other members comments pls..
There is no need to pay to employer.This will be deducted from your salary/sattlement .Then form 16 will be issued & (if more TDS deducted,Compnay form 16 will show refund0 don't worry you can adjust your TDS with new employer also.
Point is very clear the salary paid in lieu of notice will be net up with total liability.
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