Any expert comment on this? I returned retention bonus along with GST and tax but can not declare it as deducted tax nor can I claim ITR . Does this policy makes any sense? Why should Government take the tax both from me and the organisation for retention bonus payout and return with no provision to refund. Deloitte FIS Global

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If you've returned the bonus in the same fiscal year, that bonus will not be a part of your income and you'll get back the tax that you've paid for it.

If you've returned the bonus in the next fiscal year, you'll not get back the tax.

Fiscal year is April 1st to March 31st of the next year.

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You will get it while filing returns, show income - bonus as your total income

You file your ITR as per your Form16.

I am done with their stupid policies hence leaving.

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Yes only way is company deducts JB from final settlement can double tax be avoided

I have the same issue, please visit a CA. They can enter remarks against this notice pay in the professional software they use to file returns and tax department can refer that incase a questions comes up.

I returned my joining bonus but in form16 its showing in my earning they didnt adjusted it any help

You declare the tax deduction as a loss

Yes i am also facing same but in my case i have returned all retention bonus in same year

That's logical

When they pay you jb it is an income for you and hence taxed accordingly

When you leave early, it is more of a penalty that you need to pay in full because that's what the company had shelled out in the first place.

Company spends 1L, they expect 1L to be returned, you paying taxes isn't their headache and shouldn't be either.

Question though: what's the GST thing here? I didn't come across any gst component, is it because you also returned the relocation expenses?

Sounds like a nice business plan for side income😅🤣😂

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