I received a joining bonus from my company in Aug 2018 (got taxed appropriately at 30%). I then left my company in June 2019, and since it was less than a year I was asked to return the bonus in full (including the taxed amount which I never received in the first place). For FY 2018-19, I filed ITR 1 and reduced the bonus amount from my taxable income. However I received an intimation from IT dept to file the correct amount.
My question is, can I claim the taxed part of my bonus in this year's income tax returns? Since technically I had returned the bonus in FY 19-20. If so, how do I go about it?
@hectorlph Unfortunately, there's no way for you to reduce the bonus amount in FY 2019-20.
What you'll have to do is request the old Company to revise their TDS return for FY 2018-19 reducing the amount shown as paid to you (since you returned the money). Subsequent to that, the Form 16 will get updated and no mismatch will show between your Form 16 and Income Tax Return if you show the lower amount.
Unfortunately, you will have to move quickly since due date for filing Revised Return for FY 2018-19 is July 31, 2020 (already extended. Don't expect it to be extended again).
@hectorlph Unfortunately yeah. There's no other solution if the company is not willing to revise their return. There's no way to adjust in the next year's return - it'll cause the same mismatch again.
