Is there is any case of loss in salary.
loss in salary
SUDHIR & PRADEEP JI (CA FINAL+LLB + DISA) (2299 Points)
11 April 2010
10 Replies
Amir
(Learner)
(4016 Points)
Replied 11 April 2010
Dear Pradeep,
A THEORITICAL ANSWER - YES, Salary is taxable on receipt or due whichever is earlier basis & Professional Tax is allowed as deduction on payment basis so where it exceeds the amount of salary the net computation would be Loss u/h Salary.
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 11 April 2010
There can never be a loss from salary as you do not i repeat you do not pay salary to your employer. The employer pays you salary and also after taking exemption u/s 10 there cannot be any loss as the exemptions canot exceed the allowances.
Also profession tax is levied based on the basis of you salary drawn which does not exceed your income.
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 11 April 2010
Originally posted by : PRADEEP & SUDHIR JI |
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How many Timed U Asked This Question.....
and "Self Study"
bhushan sachdeva
(ca final student)
(73 Points)
Replied 11 April 2010
there canot be any in head salary in any case
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 11 April 2010
there can not be loss in salary
CA VISHAL RANA,CS,B.Com,AMFI
(Chartered Accountant in Whole Time Practice)
(4354 Points)
Replied 11 April 2010
there can be never loss in salary head because salary is taxable on due or recievable basisand 2 deductions is aloowed in salary head one is 16 (ii) professional taxes and 2nd is enertainment expenses
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 12 April 2010
dear ayush & rohit if u known that answer then tell me . and then i see how much u r educated.acc. 2 me that answer should be known by every one. becoz its a gud concept
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