G
Gaurav Miglani
A
Ankush
Can I withdraw cash of 20Lakhs from my account in multiple transactions of 4-5Lakh each?
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Yes you can withdraw, However certain things needs to be kept in mind to execute high value transactions to avoid notice from department.
For further discussion you can reach me at ca.rahuldwivedi@gmail.com
V
Vamshi
An employer wants to give a conditional bonus i.e. some amount Rs. X/- will be paid to the employee today, say 11 August 2021 and tax will be deducted accordingly. If the employee leaves the organization within 1 year, the amount Rs. X /- should be returned to the employer. What are the tax implications in the below 2 cases?
Case 1: If the employee leaves the organization in the same financial year i.e. before 31 March 2022 and returns Rs. X /-, what happens to the tax paid? Will it be adjusted in Form 16 so that the employee doesn't pay tax on Rs. X /-?
Case 2: If the employee leaves the organization in the next financial year i.e. after 31 March 2022 but before 11 August 2022 and returns Rs. X /-, what happens to the tax paid? Can the employee reduce this amount from his/her salary while filing ITR so that he/she can get a refund of the tax paid on Rs. X/-?
Thanks a lot in advance!
V
Vamshi
An employer wants to give a conditional bonus i.e. some amount Rs. X/- will be paid to the employee today, say 11 August 2021 and tax will be deducted accordingly. If the employee leaves the organization within 1 year, the amount Rs. X /- should be returned to the employer. What are the tax implications in the below 2 cases?
Case 1: If the employee leaves the organization in the same financial year i.e. before 31 March 2022 and returns Rs. X /-, what happens to the tax paid? Will it be adjusted in Form 16 so that the employee doesn't pay tax on Rs. X /-?
Case 2: If the employee leaves the organization in the next financial year i.e. after 31 March 2022 but before 11 August 2022 and returns Rs. X /-, what happens to the tax paid? Can the employee reduce this amount from his/her salary while filing ITR so that he/she can get a refund of the tax paid on Rs. X/-?
Thanks a lot in advance!
R
Ravi
