income tax
This query is : Resolved
GIRISH D.P
(Querist)
16 July 2009
During the previous year ending March 31,2009,Mohan a salaried employee(age 40 years)received Rs3,00,000 as Basic Salary and Rs 20,000 as arrears of bonus of the Financial Year 1994-95.During the previous Year 1994-95,Mohan has received Rs 50,000 as salary.Mohan deposits Rs2000(during 1995-96) and Rs10,000(during 2008-09)in Public Provident Fund.
Pls clarify regarding this.
Advance thanks.
GIRISH.
Pls clarify regarding this.
Advance thanks.
GIRISH.
Abhishek Mohta
(Expert)
16 July 2009
Arrear Bonus amounting to Rs. 20,000/- will be taxed in the hands of Mr. Mohan for the assessment year 2009-10 and he can claim benefit of his deposits of Rs. 10,000/- in PPF U/s 80C. No tax treatment will be required in the year 1994-95.
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