Tax on Joining Bonus
I recently received a 1L joining bonus for relocation. May I know if this is a taxable income?
My company didn't peform a TDS and provided me the entire 1L. Do I have to pay tax while filing returns?
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Section 10(4) 2BB for availing relocation allowance exemption
I claimed it in full for my relocation allowance of 1.5L but it needs to be specified as a relocation allowance
Noted. Thanks much!
Is this a joining bonus or a relocation bonus?
Joining bonus is taxable Relocation bonus is tax exempt
It is specified as relocation bonus in my offer letter. Should I refer the payslip?
Refer the payslip for good measure, but yes, you should be able to get an exemption on the amount
Pls note the law says it's exempt upto receipts produced for expenses (Hotel for 15 days max, packers movers charges, airline trip) but I've had no hassles in claiming the full amount as exempt
Bonus and VP doesn't have TDS deducted but you'll be taxed while filing.