Hi,
Please can any one tell me about the ADVANCE SALARY Paid to Our Employee which will be taxable income in the hands of employee under salaried income.
Please reply soon its urgent..............
Shashikant
Bangalore
900847820
IPCC Student
shashikant (Employed ) (168 Points)
27 September 2014Hi,
Please can any one tell me about the ADVANCE SALARY Paid to Our Employee which will be taxable income in the hands of employee under salaried income.
Please reply soon its urgent..............
Shashikant
Bangalore
900847820
IPCC Student
deepak kumar srivastava
(na)
(281 Points)
Replied 27 September 2014
1 .Advance salary is taxable when it is received by the employee irrespective of the fact whether
it is due or not
2. WHEREAS Advance against salary is different from advance salary. It is an advance taken by
the employee from his employer. This advance is generally adjusted with his salary over a
specified time period. It cannot be taxed as salary on reciept basis
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 September 2014
Advance against salary that is to be adjusted later is not taxable.
deepak kumar srivastava
(na)
(281 Points)
Replied 27 September 2014
say mr x has taken advance against salary in 2013-2014 of 20000. it is not taxable as income of 2013--2014.
it is the advance salary which is taxable in year of reciept
balkishan sharma
(Student CA Final )
(99 Points)
Replied 28 September 2014
prayag gupta
(student)
(23 Points)
Replied 28 September 2014
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