30 January 2008
I recieved my salary for the period feb-07 to Apr-07 in may -07 as areear now my company is treating as income from salry for the current financial year they deducting tax on that amount, is there any option to get exemption from that tax laibilities, please suggest
30 January 2008
FOR ARREARS OF SALARY OF EARLIER YEARS PAID NOW, YOU CAN CLAIM RELIEF UNDER SECTION 89 OF IT ACT SO THAT TAX BURDEN OF CURRENT YEAR IS TO COME DOWN. BUT THERE IS NO EXEMPTION FOR ANY SALRY PAID FOR ANY YEAR UNLESS YOU ARE BELOW THE TAXABLE LIMIT OF INCOME. R.V.RAO
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