sachin jain 22 June 2018

Tax on notice period bond recovery by previous employer

Hi ,

I have paid around 2 lakh rupees to my previous employer towards bond recovery In april 2017 when i left company . This recovery is not part of form 16 .

when i am deducting this amount from my total income while filing ITR , it says that ' Income chargeable under head salary is less than 90% , Please ensure to fill detail in others in exempt Income" .

I dont see any option to select for the same in exempt Income . Can anyone help on this ?

Thanks

Sachin

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2 Replies

Kumar Doab (FIN) 22 June 2018

Notice period/pay recovery could have been adjusted and shown in FnF statement/settlement....

You may go thru;

Income Tax Appellate Tribunal - Ahmedabad

Nandinho Rebello,, Ahmedabad vs Dy.Cit, Circle-14, , Ahmedabad on 18 April, 2017

https://indiankanoon.org/doc/6594756/

Kumar Doab (FIN) 22 June 2018

Employees should also be vigilant and careful while firming contracts of employment from various prespectives and also while separating and settling FnF

The following may alos be gone thru;

https://www.lawyersclubindia.com/articles/-Joining-Bonus-returned-to-ex-employer-cannot-be-deducted-from-salary-income--8502.asp?utm_source=article_mailer&utm_medium=email&utm_campaign=article_followup