Govt Accounts
Eswar Reddy S (CFO- at NHTF) (58275 Points)
18 June 2022
Is Financial statements for govt organisation has to be generated for March to Feb ?
40 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 June 2022
Financial statement prepared from April to March only.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 18 June 2022
Why Salaries considered from March to Feb only ?
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 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. Hence not considered.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 18 June 2022
Then why pvt companies consider April to March though March salary received in April ?
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 June 2022
Because in case of Private Employees salary due on last day of same month.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 June 2022
You search it out, in my view and as per law this is the rule.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 18 June 2022
Is the arrears of salary one of the reasons in govt ?
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 18 June 2022
Hope govt employees receive arrears . Increment in DA with retrospective effect
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 18 June 2022
Is this not the reason for March to Feb method?
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