I had left a company in December 2023. While leaving I returned the joining bonus which I received in October 2023. The company did not reflect the returned amount in Form 16. Can anyone explain the process to claim back the tax deducted on bonus.
3 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 13 May 2024
Returning the bonus back to the company does not allow you to reduce your income. Your income will be taxable, including the bonus amount only.
Nishant
(Assistant)
(1095 Points)
Replied 13 May 2024
Case Law: Income Tax Appellate Tribunal – Chennai, S.S.N.Ravi, Chennai vs Assessee on 6 May 2016 I.T.A. No.933/Mds/2015. Assessment year: 2008-2009
TDS is deducted on sign-on bonus by the employer while paying the sign-on bonus to the employee. However, at the time of returning this sign-on bonus, no refund of TDS can be claimed by the employee.
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 18 May 2024
That's really very absurd judgement. Ideally, the joining bonus should have been net of when it was returned. Anyways, I would opine you offer joining bonus as allowance received and claim same amount as exemption under Sec 10 : Any other.
That's my view.
That's my view.
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