Taxability of service bond amount paid
This query is : Resolved
08 February 2021
I have paid an amount of Rs. 2,50,000 to a PSU for breaking the service bond agreement. Can I deduct this amount while calculating my gross income for this year while filing ITR?
08 February 2021
Yes, deduct the amount.
09 February 2021
In my opinion, it cannot be deducted from your income.
Unlike Notice pay, it's not deductible from the salary payable to you at final settlement, rather you have to pay this amount in terms of the bond. At times such amount is bigger than the salary you receive during that year.
Unlike Notice pay, it's not deductible from the salary payable to you at final settlement, rather you have to pay this amount in terms of the bond. At times such amount is bigger than the salary you receive during that year.
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