Is there any negetive effect of relief u/s 89 for salaried
This query is : Resolved
11 March 2013
Sir,
Please make me know If person gets arrears after his retirement. Is Arrears received by him will fall under Tax as per calculation of relief U/s 89 if he gets -ve effect from this mean he is liable to pay more tax as per calculation of Relief U/s 89 retrospective basis.
Expl:
Arrear recieved Rs.807000/- in F.Y. 2012-13 Assessee have Income of Rs.180000 this year.
Arrear Recieved for the
A.year 2007-08 Rs.280134/-
A.year 2008-09 Rs.308220/-
A.Year 2009-10 RS.219154/-
that time person was in 30% slab rate.
Now he have income of Rs.180000/- Only.
As per reciept basis Tax Will be Rs.278179/-
As per Accrual basis Tax will be Rs.378877/-
Will assessee be liable to pay tax for the retrospective period also or he can calculate tax by adding arrears in this year income.
Pls suggest.. Can we ignor the relief sec. 89 and pay tax as per reciept basis ????
Pls suggest as soon as possible ??
Lovish Dhingra
9888444873
Please make me know If person gets arrears after his retirement. Is Arrears received by him will fall under Tax as per calculation of relief U/s 89 if he gets -ve effect from this mean he is liable to pay more tax as per calculation of Relief U/s 89 retrospective basis.
Expl:
Arrear recieved Rs.807000/- in F.Y. 2012-13 Assessee have Income of Rs.180000 this year.
Arrear Recieved for the
A.year 2007-08 Rs.280134/-
A.year 2008-09 Rs.308220/-
A.Year 2009-10 RS.219154/-
that time person was in 30% slab rate.
Now he have income of Rs.180000/- Only.
As per reciept basis Tax Will be Rs.278179/-
As per Accrual basis Tax will be Rs.378877/-
Will assessee be liable to pay tax for the retrospective period also or he can calculate tax by adding arrears in this year income.
Pls suggest.. Can we ignor the relief sec. 89 and pay tax as per reciept basis ????
Pls suggest as soon as possible ??
Lovish Dhingra
9888444873
11 March 2013
For the case explained by you...no relief u/s 89 can be claimed and have to pay tax on receipt basis only...in your case you have to pay tax Rs.278179/- and Advance tax Provisions also applicable in your case.
Regards,
Neha Chauhan
Regards,
Neha Chauhan
12 March 2013
Mam,
Thanx for your precious reply & for your time.. I just wanna clear one more thing i.e. is there any section which can attract my case in future to pay tax on retrospective basis if i will pay file return on receipt basis & will not have relief U/s 89.
Thanx for your precious reply & for your time.. I just wanna clear one more thing i.e. is there any section which can attract my case in future to pay tax on retrospective basis if i will pay file return on receipt basis & will not have relief U/s 89.
12 March 2013
Section 89 itself said that you can not take the benefits of rebate if tax on receipt basis is lower than tax on accrual basis and you have to pay tax as per receipt basis only....once you had paid the tax and you have a proof for the same..
12 March 2013
Ohk Thank u sooo much... & Thanx for time ...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
