No, you cannot claim any rebate of joining bonus repaid by you to your employer.
Tax reclaim for joining bonus repaid in different FY
I was given Joining bonus (lets say 1,00,000) when i joined my employer on March 2017. Tax (around 30,000) was deducted for the same. It is reflected in my last Financial year form 16 (FY 2016-2017). I have repaid the joining bonus this week as I did not stay in the company for the stipulated amount of time. I yet to file tax for FY 2016-2017. Is there a possibility while filing tax, I can show that the joining bonus amount is repaid so that I can reclaim the tax deducted for the same. My employer already given form 16 for FY 2016-2017 so they said, they cannot change it now.
Asked 8 years ago in Income Tax
I am NOT asking for a rebate. I am asking whether when I file tax for FY 2016-2017 (the year in which my joining bonus tax is deducted), I can specify less amount in my ITR and get the refund of my tax. IF it cannot be adjusted while filing ITR, May I know why I am paying income tax for the income I did not even earn. My question title is wrong. It should be "Tax reclaim for joining bonus, repaid before filing ITR"
Asked 8 years ago
Yes you can claim the amount returned at the time of resignation at the time of filing returns. You can ask your consultant who will take care at time of filing returns.
Hello,
Yes, you can adjust the joining bonus amount at the time of filing of returns for the F.Y. 2016-17. But, there is a slight chance that you may receive a letter from the department explaining your stance since your company has stated in its Form 16 that they have paid you more.
So the best option is to ask your company to revise their TDS return and give a new Form 16 which may ease you out of this situation.
In case that does not hapen just inform the professional whoever is filing your returns to adjust the amount.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Thanks for the replies. If anybody prefer to file my taxes this year. Please contact me @9886189070
Asked 8 years ago
We can . U can mail the same at modani005@gmail.com
Hi,
While you could reduce the joining bonus in your return, the Department may tax you as per the Form 16 issued by your employer.
Alternatively, you could ask your employer to reduce the amount of joining bonus recovered from you in the current year's Form 16. In this case, you would have to pay tax on the joining bonus in the previous year, while the current year's tax would get reduced to that extent.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LLB
Hello.
Feel free to contact if you want to avail our services for Income Tax return filing.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
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