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Ex-employee, exercised ESOPs: Can the tax paid be exempted in 2023-24?

Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Jul 24, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by Abhinaya on Jul 19, 2024Hindi

Money

Hi, I've paid the tax for exercising ESOP shares allocated to me, in the fin year 2023-24. How can I claim the tax paid as part of exemption during fining Income tax?

Ans: There is no exemption to this effect in your income tax return. Your Form 16 has already factored that in and accordingly TDS has been deducted. This is the way ESOP work. However, any discrepancy in this, please check with your HR.

Please consult your CA before moving ahead.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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