Taxable Income

This query is : Resolved

KAMAL SETHI (Querist)
Follow

13 March 2009 Please advise. Incentives payable for year 2008-09 but paid in July 09 will be taxable in the year 2008-09 or 2009-10.

Thanks for your reply.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

13 March 2009 its on due or receipt basis which ever is earlier.

as incentives are for 2008-09 its due for that year and hence taxable in the AY 2009-10.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

13 March 2009 its on due or receipt basis which ever is earlier.

as incentives are for 2008-09 its due for that year and hence taxable in the year 2008-9.

Upgrade to CAclubindia Pro. Subscribe Now!

BANDAN

BANDAN (Expert)
Follow

13 March 2009 if it forms part of your salary then will be taxed in 2008-09, else in the year 2009-10.