Joining Bonus query

Tax queries 1238 views 3 replies
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ac
155 Points Joined March 2009

Seasons Greetings to one and all Hope everyone had a colourful and blessed Holi.

My query is below.

I joined an organisation in jan 2011. I got joining bonus from my organisation.

I got the joining bonus along with the jan salary.

I quit the org in Mar 2011, hence the settlement was made in Apr 2011 in which the joining bonus was deducted from my march salary.


Now when I am preparing my accounts for FY 09-10 for filing my returns I am getting jan & feb salary plus my joining bonus. There was no TDS deducted.

When i prepare accounts for FY 10-11 my march salary would come into picture.

How shall i deal with the joining bonus component?

Thanks

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On 21 March 2011 at 18:18 Report
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CA in Service
1144 Points Joined February 2010

It is irrelevant that u got salary in the month of april, it is taxable in FY 10-11 b'coz it is for d month of march & also bonus amt. should get nullified. only u show taxable income of Jan, Feb & March.

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On 21 March 2011 at 18:30
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ac
155 Points Joined March 2009

Thanks for reply, but normally I take the value date when I prepare so i have got the credit only in April, in that case how can i take it for March. Hence I am taking it in next FY 10-11.

Would there be any problem or drawback take in FY10-11?

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On 21 March 2011 at 18:51
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glidor@gmail.com
21068 Points Joined January 2010

if your salary and bonus was subject to TDS then you had to consider the march salary in march itself, 

in case no TDS is deducted then u have to show the bonus as advance and neutralize the same in next year. 

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On 21 March 2011 at 21:21


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