Tax deducted on Joining Bonus, which was return back tocompany in month.

HI, i last year i joined an MNC which offered 1 lac of Joining Bonus, and the condition was like if i leave organization in durin one year i have to pay back that amount, and un fortunately i left company next month it self and i had to pay back full one lac back, but when i was paid i was charged and deducted 10k as income tax by my org, can i any how get refund on it or excemption on it since i have not used the money and given back.

asked Jul 27 '11 at 15:53 by bharatkumar 1111

Paying back joining bonus to company will be considered as expense and no exemption can be taken for it.

Its like a penalty for non observing the terms and no deduction is available in Income tax for this.

answered Jul 27 '11 at 18:02 by Pankaj Batra 5.2k320


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Asked: Jul 27 '11 at 15:53

Seen: 4,888 times

Last updated: Jul 27 '11 at 18:02