My basic pay was fixed at 13350 (+ GP 4800) on Jan 2006. But now my basic has been fixed at 12090 (+GP 4800)on Jan 2006. This has resulted in a recovery which amounts to Rs 51849. (from Jan 2006 to June 2011. i.e 5 and a Half years)and I have to pay the amount in 8 instalments upto Feb 2012. Kindly let me know if the amount to be recovered from salary is Taxable or not, as I have already paid tax on it in the previous years.
CAclubindia
