virendra nath pandey (Chartered Accountant) (36 Points)
22 May 2010In case of any amount paid to the previous employer as a notice period payment, can we take it as a benefit for deducting it from salary.
I think no such deduction is awailable. Am i right?
CA Kanwaljeet
(Chartered Accountant)
(88 Points)
Replied 02 June 2010
i think there is no such deduction
kantijain
(Chartered Accountant in Practice)
(385 Points)
Replied 02 June 2010
dear pandey,
Only possible deduction u/s salary is provided u/s 16 of the Act. Professional tax & Entertainment allowance for govt employees are the only possible deduction. therefor notice period is not allowable as ded from salary.
Kanti Jain
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
