Income tax cut for bonus
I got salary of 250000 in April which includes bonus + leave encashment around 90k, for which there was a 50k income tax cut for this month. HR said since bonus was more, they had to deduct 50k. Is this how it is usually done? Is that amount justified?
Talking product sense with Ridhi
9 min AI interview5 questions
Yes. They will deduct taxes. Everything you receive from company is taxable
Yes I know it is taxable, I am asking it 50 k deduction for 1 month is really valid? This is despite making all investment declaration
Yes sometimes companies deduct more tax than calculated. You can ask Accounts team why they have deducted, if they had deducted more you can convince them to deduct lesser tax from next month. Most of them expect us to recover the extra money via ITR.
Last FY year they have deducted 1.5L extra tax in my company even though I provided all proofs of investment initially.