Refund of incentive allowed as deduction from salary

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CMA. Murali (Querist)
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05 January 2012 Hi Friends,

I have received incentive from my company and paid tax for it already. I am planning to quit the company and as per policy i have to repay the incentive. Now the question is will the incentive be deducted from my Gross salary income for tax computation.

My feeling is i am entitled for deduction while computation of Tax...

Please let me know your opinion.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 January 2012 If it is in the same financial year. it can be adjusted in your gross income, in case last year received and paid tax and want to adjust in current year, not possible

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