Man Jit Singh Sandhu 08 November 2017
Vijay Raj Mahajan (Advocate) 08 November 2017
Sorry to differ with the views of Shri Vijay Raj Mahajan.
Security deposit, being refundable, is the personal liability of the employee, not allowed as deduction from IT.
If the querist handles cash and other valuables, he is liable to make adequate security deposit. He should rather be thankful to the school management that they have not required the querist to deposit lump sum as the total security deposit.
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