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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- 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
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
