Please Help: Salary
Posted Date : 28-Nov-2012 , 01:47:57 pm | Posted By RIDDHISH SHAH
I have resigned from service of the Bank on 09.09.2012 and started my own CA practice. I have to pay Rs. 50000/- for shortfall of notice period to the Bank and Bank has recovered Rs. 50000/- from P.F. and Gratuity payable to me. During Current f.y. 2012-13, I have received of Rs. 5,12,000/-as salary .i.e. up to 09.09.2012. Can I Claim Rs. 50000/- as deduction from Salary of Rs. 5,12,000/-. If eligible for deduction,under what section. this is for deduction of TDS from salary.
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 172
Answers
Comments
Bhaskar
01-Dec-2012 , 02:18:41 pmDear Riddhish, salary is taxable on accrual basis whether it is received or not. If you are entitle for salary tnan it is taxable. In your case the deduction of rs.50k is in the nature of penalty and it is not the TDS from salary. Hence you can not claim any deduction for this deduction.
vipul jadhav
18-Dec-2012 , 08:07:01 pmyes. claim it as general deduction Please note that employment agreements is not valid in india and can be contested in the court. Therefore you can claim that amount from your bank as well.