27 February 2024
NO SALARY RECEIVED IN TWO+ YEARS AND AFTER THAT RECEIVED THESE SALARY IN ARREARS BUT DIRECT TRANSFER TO PF. HOW THIS INCOME IS CALCULATED IN ARREARS AS ALL THE SALARY MOVED TO PF.WHAT IS HIS TAXABLE SALARY FOR PREVIOUS YEARS. EX. A RECEIVED SALARY FOR FY 23-24 TAXABLE INCOME 400000, HE HAS NO SALARY FOR 21-22,22-23 WHICH WITH RECEIVED 1200000 IN 23-24 AND DEPOSITED IN PF. HOW IS THIS CALCULATED FOR ARREARS AND TAX.
06 July 2024
The deposit into PF does not reduce the taxable income for the year in which the arrears are received. Therefore, the entire amount received in FY 23-24 is treated as arrears for tax purposes.
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