For Income tax purposes financial year is April to March but in govt organization year will be from March to Feb
How to issue form 16 in this case ?
March to Feb , is it right ?
9 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 June 2022
Period of Form 16 is April to March, but salary shown in 16 is of March to Feb
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 19 June 2022
I already define you in one more query the reason of doing so
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 19 June 2022
This might not be answer for above query
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 19 June 2022
As per income tax salary is taxable on due or received basis and government service salary due on 1st of next month, so march salary received and due in April. That's the reason for taking salary from Feb to March
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