Payment from compnay

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This query is : Resolved

Raman Kumaran (Querist)

05 July 2018 I have received my performance based payment pertaining to the year 2016-17 in the month of April, 2018 from my company. While checking the Form 26AS for the financial year 2017-18 (AY-2018-19) (as about to go for filing ITR), this payment was found accounted along with other details of the payment the financial year 2017-18. I have sent letter asking clalrifications from my company for this wrong accounting. But, so far no reply. However, I have been following it up.

Grateful, if you could give your kind advice whether the referred performance based payment is to be taken as income for the financial year 2017-18 or 2018-19 while filing my ITR.

Kindly advise at the earliest.

Thanking you,

regards
raman.k

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

05 July 2018 Performance based pay is 'salary' and it should be accounted by employer/
employee on payment/ receipt basis since TDS is based on payment.
Hence, 26AS of fin. yr. 2017-18 needs correction.

Raman Kumaran

Raman Kumaran (Querist)

05 July 2018 Thanks,Sir for your kind and quick clarifications. In fact, I have written to my Company to correct the Form26AS of Financial year 2017-18 for the wrong accounting of this payment. I would follow it up again.

Thanks once again

regards
raman kumaran

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