Letter For Retention Bonus
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Dear Siva,Thank you for your reply. If an employee repaid the bonus to the employer at the time of leaving the company, can they get a rebate for that amount?
The word Retention Bonus is a payout. It will be considered as income in the hands of the employee and hence taxable. If you pay it as an advance and recoverable, a certain percentage of interest will be considered as income in the hands of the employee. Please ...
Whether a Retention Bonus is taxable under the Income Tax Act? Similarly, when an employee repays the retention bonus to the employer upon leaving the company, can they claim any exemption under the Income Tax Act? If yes, please tell me.
Dear Badri Prasad Sharma,We, the members of this forum, are outsiders. We do not know about the recruitment that has taken place in your company. We are unaware of who will join your organization, when they will join, what their designation will be, and what dis...
Dear Vijay Kulkarni,The learned senior member, [Mr. Saswata Banerjee](https://www.citehr.com/m/1273236-saswatabanerjee/), is the right person to answer your query on TDS. I will send a private message to draw his attention to this thread.Thanks,**_Dinesh Divekar...
Dear Vijay Kulkarni,While paying the retention bonus to the employee, did your company make a formal agreement with the employee? If not, the formal agreement, then did the company issue any letter to the employee mentioning the terms and conditions of the recov...
Thank you so much for the clarification.
Thanks for drawing this interesting query to my attention, Dinesh-ji.TDS is deducted and paid to the government, but it will be credited to the 26AS of the employee (effectively as Advance Tax). If he has tax to pay at the end of the year, the TDS in 26AS gets a...
Dear All,We have paid the retention bonus to the employee after deducting the TDS. Now, the employee is leaving the company before the specified time, and now the employee has to pay the retention bonus back to the company. My question is, does the employee have...
Thank you, sir, for the reply. I will get back to you with all the details you asked for in your last comments on TDS.TDS paid to the government is on the employee's name only. An employee may have taken a refund or adjusted it for tax liability. So, should we g...