salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2010
generaly we get March's salary in the month of April & there are 12 month then pl said me from which month we count our total 12 salary monthwise
28 July 2010
12 months salary is considered for the period Apr-March on accrual basis even though you receive March salary in April.
28 July 2010
salary would be taxed on accural or receipt which ever is earlier
28 July 2010
Fact of the cases
Counting of 12 month salary where one month salary is receieved in next month
Provisio as per Income tax Act
Salary shall be chargeable to tax on due basis or receipts basis which ever is earliest ( Refer charging section 15 of the income tax Act)
Conclusion
in your case Due basis is early and the 13 month period shall be counted from April to march of the financial year concered
Counting of 12 month salary where one month salary is receieved in next month
Provisio as per Income tax Act
Salary shall be chargeable to tax on due basis or receipts basis which ever is earliest ( Refer charging section 15 of the income tax Act)
Conclusion
in your case Due basis is early and the 13 month period shall be counted from April to march of the financial year concered
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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- SHARE TRANSFER PRIVATE LIMITED COMPANY
- Car Purchases in Daughter Name
- Invoicing in different currency
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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
- GST RCM not shown in GSTR-3B
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
