Dear Members,
Need your inputs and advice on the matter.
One of employees will get a bonus of ₹6 lac in February 2022 (FY2021-22) and there will be huge tax deduction at 30% and this is top of TDS on monthly salary. so, that employee is seeking an advice whether Bonus can be shown as Advance to defer tax burden temporarily in this FY and in next FY2022-23 same advance convert back to Bonus and tax spread over 12 months.
is there any IT provision on the same? Do you think this is right practice handle it? Please guide with your specific points.
Thank you
From India, Guwahati
Need your inputs and advice on the matter.
One of employees will get a bonus of ₹6 lac in February 2022 (FY2021-22) and there will be huge tax deduction at 30% and this is top of TDS on monthly salary. so, that employee is seeking an advice whether Bonus can be shown as Advance to defer tax burden temporarily in this FY and in next FY2022-23 same advance convert back to Bonus and tax spread over 12 months.
is there any IT provision on the same? Do you think this is right practice handle it? Please guide with your specific points.
Thank you
From India, Guwahati
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