March salary credited in april

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Shweta Aggarwal (Querist)
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06 April 2016 Hi,

If March 2016 salary credited in mid of April 2016 then will it be counted in 2015-16 Financial year or in next assessment year?

Thanks

CS kanak

CS kanak (Expert)
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06 April 2016 March '16 salary should be included in income of financial year 2015-16 and it is taxable in 15-16 only.

Thanks

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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06 April 2016 You have to check and collect Form 16 from company where you are working...then you can get the information where to take March Salary in F.Y. 15-16 or 16-17.
There are two type of accounting policy as per below period
April to March - Accrued basic
March to Feb - Receipt basic

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CS kanak

CS kanak (Expert)
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06 April 2016 In india 1 year period starts from 1st Apr to 31st March.The period in which the income is earned is known as financial year .As per Sec 2(41) of companies act 2013 “financial year”, in relation to any company or body corporate, means the
period ending on the 31st day of March every year, and where it has been incorporated
on or after the 1st day of January of a year, the period ending on the 31st day of March
of the following year, in respect whereof financial statement of the company or body
corporate is made up.