Taxability of bonus
This query is : Open
17 June 2013
Dear experts,
My salary structure contain fix quarterly bonus of 25000. The bonus of last quarter (Jan-Mar 2013) was paid to me with the salary of the month of April-2013 (on 5th May 2013).
Now in form 16 of Fy 2012-13 this 25000 bonus is not shown and will be shown in form 16 of FY 2013-14.
So in which year’s ITR I suppose to show above bonus of 25000 as income?
My salary structure contain fix quarterly bonus of 25000. The bonus of last quarter (Jan-Mar 2013) was paid to me with the salary of the month of April-2013 (on 5th May 2013).
Now in form 16 of Fy 2012-13 this 25000 bonus is not shown and will be shown in form 16 of FY 2013-14.
So in which year’s ITR I suppose to show above bonus of 25000 as income?
17 June 2013
as per income tax act salalry will taxable accural or received which ever in earlier
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17 June 2013
Bonus is taxable in the year of Receipt. So you should show under FY2013-14
17 June 2013
Thanks for your views
But this is a fix bonus. So in my view the income is accrued in fy 2012-13 and therefore should be taxed in fy 2012-13. Moreover salary includes bonus, so why bonus only is taxed on received basis
Please provide me any reference and correct me if I am wrong
But this is a fix bonus. So in my view the income is accrued in fy 2012-13 and therefore should be taxed in fy 2012-13. Moreover salary includes bonus, so why bonus only is taxed on received basis
Please provide me any reference and correct me if I am wrong
17 June 2013
IF this is a Contractual Bonus then its treatment would be like Salary. Hence Accrual Basis.
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17 June 2013
So is it all right that the above bonus of Q4 is not included in my form 16 of fy 2012-13
That will be included in form 16 of 2013-14
That will be included in form 16 of 2013-14
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