19 July 2014
Hi, I am Saurabh Gupta, working in a bank as contractual employee , joined in the m/o July,2013. I want to file ITR for FY 2013-14 but i m confused regarding some things. I have some queries: 1) Since i am contractual, my banks says no form 16 is issued to such employees, so can i file ITR return without Form16 ? 2) I usually get my salary 10th of every month, so march,2014 salary i got on 10th april,2014 in my salary account. Should i add this in my yearly income for FY 2013-14 or should i take it as salary for next year 3) For FY2012-13, i got refund in FY 2013-14 as shown in my Form 26AS? The entry shows refund amount and interest. Do i need to add that amount in my income for FY 2013-14
19 July 2014
1. The bank has to either issue Form 16 or 16A.
2. If the bank is remunerating in form of professional fees, then you can choose whether to follow cash basis or accrual basis. In cash basis you wont include the remuneration received on 10 April.
3. Only interest portion needs to included in the income. The principal refunded is not a taxable receipt.
20 July 2014
I am getting 15000 per month credited on 10th of every month in my account. So do I need to have form 16 or form 16a mandatimandatoriarly for filling it and also should I include march salary amount as income in itr which I actually got on 10th April, 2014
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