Salary Deducted for Not Serving Notice Period Taxable?
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Can You Identify Tax Appellate Tribunal or ITAT recently ruled that an 1 Employee salary for not serving The Others? out notice period not taxable amount deducted from an employee's salary for not US Starts New income serving out a notice period cannot be considered as Screening Process For Visa Applicants taxable income. "...in our considered view, the actual 2 A tribunal recently ruled in Is your loved one experiencing favour of assessee in one such salary received by the assessee is only taxable and case therefore, we allow this ground of appeal of the assessee," hearing loss? the bench said last month. In other words, this means that hear.com 3 Typically, salary is deducted where an employee has not served the notice period as when employees exit without serving notice per terms of employment and deduction has been made RELATED from his or her salary in this regard, such deduction could Cloud Eggs: A Unique Way of not be treated as income of employee and subjected to Making Eggs is Going Viral! Book Now Pay Later: income tax. IRCTC To Offer Train Tickets On Credit The ruling came in a case related to a person who did not serve the full notice period during 7th Pay Commission: his stint at two companies and his employers had deducted certain amount while paying Meeting on Allowance Finally You Can Track Your Car Today, Decision Likely the nal salaries. Using Your Smartphone Soon TrackR Bravo How To Link Your NPS In this particular case, the person had shown only net receipt as income while ling his Account With Aadhaar return of income. The Income Tax Department contended that as salary was taxed on due Pakeezah Actress Geeta Kapoor Number basis, whether paid or not, and did not allow this deduction. However, the Tribunal ruled in Shifted To An Old Age Home favour of assessee. Commenting on the tribunal's ruling, Sandeep Sehgal, director for tax and regulatory at Ashok Maheshwary & Associates LLP, said, "This is a signicant ruling. The person got only Car Thieves Will Hate This Tiny net amount in his hands and the deductions were made by the employers beforehand. The Device tribunal recognised this fact and concluded that such deductions made can't be considered TechieFans as income in the hands of the person as this is not a real income." In many organisations, typically, when an employee resigns but does not serve out the R. Madhavans Best Performances notice period according to the employment conditions, the employer deducts part of the That Make Him A Superstar NDTV salary attributed to this period. Income tax authorities however tend to tax the entire salary due, whether paid or not. Hence, the Tribunal's order assumes signicance after it said that the deducted amount could not be considered as taxable salary income. Video: Chinese banana boom a blessing and curse in Laos For latest news on Business, like us on Facebook and follow us on Twitter. Reuters TV Story �rst published on: May 06, 2017 13:35 (IST) MOM Poster: Sridevi Cannot SHARE THIS STORY ON ALSO READ 'Trust' Akshaye Khanna. Can You? The 12-Year-Old CEO Who Impressed Microsoft Chief Satya Nadella Top 45 Most Wanted Athletes Alive Sponsored Links by Taboola FROM THE WEB Fropky People In Delhi Are Racing To Get These Invisible Hearing Aids Hear.com Neil Nitin Mukesh Wraps Filming Leftover iPhone stocks worth $619 selling for under $40! For Indu Sarkar Madbid.com Certification course in Data Science from XLRI Batch 3 now open Amazing Last Minute Deals on Talentedge Flights! 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Video Is Viral A Death In The Gunj Review: Konkona Sen Sharma Crafts A Chiselled Gem Civil Services Marks To Be Disclosed Within 15 Days: UPSC Why Nandini KR, Civil Services Exam Topper, Doesn't Want Foreign Service Salary Deduction for Notice Period tax on salary due Tax on notice period salary employees Notice period in the company RSS NEWS ALERTS MOBILE APPS APPLE ANDROID WINDOWS FACEBOOK TWITTER GOOGLE+ LINKEDIN ABOUT US ARCHIVES ADVERTISE FEEDBACK DISCLAIMER INVESTOR COMPLAINT REDRESSAL OMBUDSMAN CAREERS SERVICE TERMS CHANNEL DISTRIBUTION Market Data provided by © Accord Fintech. © Copyright NDTV Convergence Limited 2017. All rights reserved..