Taxation for Lose in salary.

Tax queries 472 views 5 replies
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ABCD
42 Points Joined May 2010

Hi

I would like to know solution in following situation.

My company sent me to outside of India for deputation. My contract is as follow

1)      Company will not give me X amount of money (INR) from my salary.

2)      Company will give me Y amount of USD as NRI (Non Taxable).

3)      I have to pay Z amount of money (INR) to company, if I leave my company with in specific duration after I re-joined the company.

If I leave company without finishing time duration and if I pay Z amount of money to my company. Can I compensate that loss with my Indian salary or other income for that year and next year?

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On 08 April 2011 at 13:08 Report
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Learner
3134 Points Joined September 2009

 

Income tax on salary is payable on amount you earned during the period you can not claim this type of loss in your ITR with you income…

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On 08 April 2011 at 13:12
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ABCD
42 Points Joined May 2010

Can i force to my company add that loss in my Form 16 So i can have some relif in tax for that year.

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On 08 April 2011 at 13:31
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Learner
3134 Points Joined September 2009

you can not... you have to tax wat you earned....

1 Reply
On 08 April 2011 at 13:46
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Job
145 Points Joined December 2009

You cannot claim that loss against your salary

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On 08 April 2011 at 17:07
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glidor@gmail.com
21068 Points Joined January 2010

its penlaty for non compliance of terms, and penalty is nowhere deductible.

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On 08 April 2011 at 23:27


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