Guhanadh (Inter 1st Year) (62 Points)
29 July 2013Hi All,
Need help for the below case
1. During my relieving period my employer didnt paid and it as was not paid for till now. can i treat this as loss and can adjust to current salary income?
2. If i buy back my reliving period, can i treat it as loss and can adjust to current salary income?
Please let me know any more details are required..
Thanks and waiting for reply..
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 29 July 2013
Hi Guhanadh,
Till yet (in my professional career) I have never ever heard Salary Losses. I am not denying the presence of such fact, but still its first time I have heard. Any way, as far as ITR is concerned, there is no such concept. If yoy refer provisions of 'Income from Salary' it is clearly mentioned that Salary shall be taxable on basis of due or receipt whichever is earlier, IRRESPECTIVE WHETHER RECEIVED OR NOT.
From this, its better to show your salary income on receipt basis. I T Dept has no interest to look in salary return to check whether they have shown on due basis or not. You can go ahead and show Salary on receipt basis. Thats the only option I think. If you don't get salary, then simply don't show in ITR.
CAclubindia
