Hi,
I joined my previous employer in December 2008 and received an amount as a Joining Bonus. This amount was paid to me after deducting the relevant tax. However, I left the organization in May '08, and they recovered the full amount of the Joining bonus as agreed. There was no tax deduction from that company during 2008-2009, and my total taxable earnings for the FY 2008-2009 were a negative amount (Rs. 100,000/-). Now, the previous employer is not ready to issue a Form 16 stating the taxable income is nil, hence cannot issue Form 16.
Could someone clarify whether the statement from the previous employer is correct? Why can I get the tax benefit for the negative taxable salary, which was taxed to me during 2007-2008? What are the income tax rules on the above concern?
Thank you.
From India, Bangalore
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4I joined my previous employer in December 2008 and received an amount as a Joining Bonus. This amount was paid to me after deducting the relevant tax. However, I left the organization in May '08, and they recovered the full amount of the Joining bonus as agreed. There was no tax deduction from that company during 2008-2009, and my total taxable earnings for the FY 2008-2009 were a negative amount (Rs. 100,000/-). Now, the previous employer is not ready to issue a Form 16 stating the taxable income is nil, hence cannot issue Form 16.
Could someone clarify whether the statement from the previous employer is correct? Why can I get the tax benefit for the negative taxable salary, which was taxed to me during 2007-2008? What are the income tax rules on the above concern?
Thank you.
From India, Bangalore
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Income tax and form 16.xls