Hi all, Deliberately trying to be vague. Resigned recently. Gs offered approx 10L, post tax I got 6.5L. I need to return 10L since I'm leaving before a cut-off date. Issue is that they told me they won't mention this recovery of one-time payment and supplementary salary in form 16. This means that I have paid 3.5L tds on salary I didn't receive and can't claim it during filing since form 16 doesn't show the same. Need help from community to understand what options I have. Thanks in advance Edit: Goldman Sachs told me that it'll mention their part of transaction on form 16, but not my part of transaction, i.e, my income would show up as 10L more than actual income. #goldmansachs #tax
This is how it works afaik. Govt taxes you on income. Doesn't refund you in this case since it's a matter between you and the company that you need to pay them. Don't think there is anything you can do. Any company would do the same as GS as that's the law.
India is such a shithole country. Why can't it fix a simple loophole like this? All the law does is prevent people from leaving for better opportunities
I don't think you need to worry. According to the government, excess tax is paid in your name so you can just declare it to the next employer and they will adjust it in their tax for the remainder of the year. If balance is still left, you can get it back as tax refund.
I left gs, India to work in UK. How would it work in that case? They mentioned that they'll provide me a letter with gs letterhead about recovery, but idk how legit it is
Then you can get it back while filling tax next year as tax refund. The reason they're not mentioning it in your form 16 is because it would become a taxable component if they did. I'm no CA but this is from experience.
I had a similar experience where I had to return my bonus. I was able to get return when I filed my ITR since the bonus I returned was not shown as my income on my Form 16 but the tax paid on it was shown. When I talked to my CA he assured me that I would get the refund and indeed I got. This was around 2018-19. One main condition that matters here is that you receive and return the bonus in same financial year. Better talk to a CA.
It happened in the same financial year, but my CA mentioned that there is no provision to upload documents in the first filing. I would need to deduct necessary amount and when I get a notice, need to upload these documents for appeal. Is it the same process that you followed too? Thanks
Damn!