Personal Finance & Money Asked by coderbhai on December 20, 2020
I am a salaried person in India, so Indian Income Tax laws are applicable on me.
In the 1st financial year 2018, the company pays the joining bonus (in month: August 2018). The company includes the joining bonus as part of earning in Form-16 for the year 2018-19.
In the next financial year 2019, the company recovers the joining bonus amount from the employee (in month: June 2019), because he has not completed the required period in the company and left the job.
The company has not mentioned the joining bonus recovery in form-16 for the year 2018-19 ( i.e. company has not deducted joining bonus recovery amount from overall salary income). The company only gives proof of recovery of joining bonus.
Now, I am eligible to file the ITR2 for 2018-19 (before 31st August 2019) and 2019-20.
Can the employee claim the tax amount while filing ITR?
In which year, I can claim the tax exception i.e 2018-19 ITR or 2019-20 ITR?
How to claim it while filing ITR2 (under which section)?
The joining bonus is considered as income. It is taxable. The penalty you pay back to the company is not considered as reduction of salary.
So essentially you loose the tax you have paid.
Answered by Dheer on December 20, 2020
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