Advance salary received which will be adjusted against salar
This query is : Resolved
29 December 2011
Sir,
i have received advance salary from a pvt ltd comapany in which i am director, subsequently this advance adjusted with my salary , my question is whether this advance is taxable under the head of salary in the year of receipt ?
Regards
Prabin Agarwal
i have received advance salary from a pvt ltd comapany in which i am director, subsequently this advance adjusted with my salary , my question is whether this advance is taxable under the head of salary in the year of receipt ?
Regards
Prabin Agarwal
29 December 2011
Salary is taxable onaccrual or due basis, whichever is earlier.
So advance salary will be taxable at the time of receipt and not at the time when it becomes due.
So advance salary will be taxable at the time of receipt and not at the time when it becomes due.
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