Tax basis of salary

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Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2017 if an assessee receive salary of month of march 2015 in april 2015,then whether it will be taxed in F.Y.2014-15 OR in F.Y.2015-16

Sathish M

Sathish M (Expert)
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28 February 2017 The Income from Salary is chargeable to tax either on “due basis” or “receipt basis” whichever is earlier. In your case, the salary for the Month of March becomes due in the month of March itself, even if it is paid in the month of April. Applying the rationale of DUE BASIS, it will be included in the Income for the Year- 2014-15.

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Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2017 thank you sir for your reply