Reducing taxable income when i repay my joining bonus

POSTED BY santhosh kumar ON May 30, 2013 2:47 pm ONE COMMENT

I joined a company on 2011(october) and when i joined they paid me joining bonus of 1 Lakh. In that year it was added to my taxable income and i had paid tax for the same.

In 2012(september) i left them, since i left them before a year i have to repay the joining bonus and they gave me receipt for the same in HR letter with the DD number through which i repaid the joining bonus.

Now in form 16 they dont want to show that i had repaid. I am not sure why. If i can show this in my return i can reduce my tax by reducing my earnable income.

Please let me know if i can reducing the total income by 1 lakh since i repaid(i have proof for the same) and file my return. please let me know the steps also.

Thanks in Advance

One reply on this article “Reducing taxable income when i repay my joining bonus”

  1. Dear Santosh, Yes is the answer. You can calculate your income after adjusting those 1L Rs. & file your ITR accordingly.

    Thanks

    Ashal

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