Hi Fishes,
Can anyone help me with the tax implications on the bonus received . I got 2.5L bonus in this payroll and 56k tax was deducted at source. Now I’m on notice so I have to resign and return the gross amount that is 2.5L .. what happens to the tax I paid 56k ? Is that my loss ?

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The same thing happened with me. If the tax is deducted at source. I am hoping it'd be reflected in the form 16 as we have returned some amount so our income will be shown accordingly. It all depends on form 16 and you can rebate by filing ITR

Hey can you please elaborate on this and help me understand in much simpler way.

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