Tax basis of salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2017
if an assessee receive salary of month of march 2015 in april 2015,then whether it will be taxed in F.Y.2014-15 OR in F.Y.2015-16
28 February 2017
The Income from Salary is chargeable to tax either on “due basis” or “receipt basis” whichever is earlier. In your case, the salary for the Month of March becomes due in the month of March itself, even if it is paid in the month of April. Applying the rationale of DUE BASIS, it will be included in the Income for the Year- 2014-15.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2017
thank you sir for your reply
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