Inclusion of salary income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 August 2011
a person works as a manager in a pvt. company. However no salary recd. by him due to fund shortage.he also has consultancy income. company claims expenses in its return on accrual basis.
is it necessary for that individual assessee to include salary income in its return even if it is not recd. by him. or he can show it in the year of receipt.
is it necessary for that individual assessee to include salary income in its return even if it is not recd. by him. or he can show it in the year of receipt.
CA Ankit Verma
(Expert)
25 August 2011
Salary income has to be taxed in the year of receipt.
Hence, that individual assessee does not have to include salary income in its return if not received during the year.
Hence, that individual assessee does not have to include salary income in its return if not received during the year.
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25 August 2011
for the purpose of chargeability to tax salary consists of any salary due from an employer to an assessee in the previous year , whether actually paid or not
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CA Ankit Verma
(Expert)
25 August 2011
Agreed with Gurdeep Singh-- refer below link to satisfy your further doubts, if any,
https://www.vakilno1.com/bareacts/incometaxact/s15.htm
https://www.vakilno1.com/bareacts/incometaxact/s15.htm
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