sir my previous company used deduct some amt and they have traditional of paying it at the end of year.
i left that company my new company has paid me that amount
now my query is that whether i have to pay tax twice 1) accrual 2) paid basis?
1 Replies
Harsha
(Financial Accountant)
(60 Points)
Replied 24 January 2012
No you have to pay either on accrual or paid basis whichever is earlier.if your previous company has already deducted the tax for the duducted amount from your salary then you need not pay any tax else you need to pay tax on the recieved amount.but you need not have to pay tax for same amount
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