arrear of salary
This query is : Resolved
21 February 2008
Increment for the month of Jan-Mar'08 will be received in the month of Apr'08.
Plz clarify it will be taxeble in which assessment year i.e. 2007-08 or 2008-09.
Thanks,
Plz clarify it will be taxeble in which assessment year i.e. 2007-08 or 2008-09.
Thanks,
21 February 2008
ARREARS OF SALARY IS TAXABLE IN THE YEAR OF RECEIPT THEREFORE IT IS TAXABLE IN 2008-09.BUT IF IT IS AGREED THAT THE PAYMENT WILL BE MADE IN APRIL BUT DECIDED IN THE PREVIOUS YEAR 2007-08 THAN IT IS TAXABLE IN 2007-08 ON DUE BASIS
S.Srinivasaraghavan
(Expert)
21 February 2008
If it is already a committed amount, it will fall under the category of salary due. You have to clarify this aspect.
CA. GOPAL SONIKA
(Expert)
08 March 2008
On accrual basis in the year 2007-08
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