Hi All, I switched to a new company last year and because of penalty clause, my joining bonus is deducted from the f&f settlement of the previous company. The issue is in my form 16 they have included it in my total earnings. Now my old employer is not correcting it. Whats the way forward? Can i correct it while filing ITR?
You need to ask your old company to provide revised F&F as it was deducted from your compensation or provide some letter to verify it. If not you can complain with the labour ministry.
Thanks, so no need for revised form 16?
On the same boat. The Indian Tax ecosystem in general. Completely messed up.
Just filed it. Adjusted myself. Hopefully my f&f settlement form suffices in case of any verification.
In my opinion, you can remove the amount that you got in bonus and fill ITR....there will be a mismatch from form 16, but that fine I think as you have proof that company has got that back from you....
Never knew there was something called bonus recovery as well
Companies sucks every penny out of you.
Bonus - 100 TDS - 30 You got - 70 — You leave and have to pay back You pay the company - 100 — Because that is what the company paid you! So that is what they show in F&F as claw back too
This is an issue with bonus recoveries - you lose the TDS.
So that recovery was just an expense? And not deducted from total earnings?
If it was paid & recovered in same fy, get a revision. Unfortunately, nothing can be done if both are in different fy.
Yes, different FYs☹️
This is an issue. In most cases, you lose the tax paid
Name and shame, please
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