Tax Treatment of conditional compensation like Joining bonus which is returned to employer

Hi Pankaj, My previous employer paid me Joining bonus in the month of Aug-12 and I left organization in the month of June-13 after repaying Joining bonus.Previous employer is refusing to modify Form 16 for reduction in taxable income. Please let me know whether I should file reduced taxable income for FY12-13 or FY13-14. Regards, Amit

asked Jul 27 '13 at 11:52 by Amit4u 1●1●1

One Answer:

oldest newest most voted

Payment due to shortfall in serving company policies is an expense and deduction is not available for it.

Its a penalty imposed by the employer for not serving bond. In Income tax no exemption or deduction is allowed for penalty.

answered Jul 27 '13 at 21:37 by Pankaj Batra 5.2k●3●20

link

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

*italic* or __italic__
**bold** or __bold__
link:[text](http://url.com/ "title")
image?![alt text](/path/img.jpg "title")
numbered list: 1. Foo 2. Bar
to add a line break simply add two spaces to where you would like the new line to be.
basic HTML tags are also supported

learn more about Markdown

Tags:

income-tax ×778
taxable-income ×38
notice-period ×6
joining-bonus-return ×1

Asked: Jul 27 '13 at 11:52

Seen: 2,319 times

Last updated: Jul 27 '13 at 21:37

Tax Treatment of conditional compensation like Joining bonus which is returned to employer

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Follow this question

Related questions