I recently received a 1L joining bonus for relocation. May I know if this is a taxable income?
My company didn't peform a TDS and provided me the entire 1L. Do I have to pay tax while filing returns?
Is this a joining bonus or a relocation bonus?
Joining bonus is taxable Relocation bonus is tax exempt
It is specified as relocation bonus in my offer letter. Should I refer the payslip?
Refer the payslip for good measure, but yes, you should be able to get an exemption on the amount
Pls note the law says it's exempt upto receipts produced for expenses (Hotel for 15 days max, packers movers charges, airline trip) but I've had no hassles in claiming the full amount as exempt
Bonus and VP doesn't have TDS deducted but you'll be taxed while filing.
CTC - 21.5 lpa Fixed - 16 lpa Joining Bonus - 4 Relocation - 1.5
Also tell me which regime to follow and how to save tax
Please speak to a CA and never take financial advice from random internet forums 😅
CA here. In case anybody has any query regarding Income-tax return filing, can comment below. Will try to help you out as much as possible.
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