Recovery from income Taxable or not?
This query is : Resolved
22 July 2011
Sir
My basic pay was fixed at 13350 (+ GP 4800) on Jan 2006. But now my basic has been fixed at 12090 (+GP 4800)on Jan 2006. This has resulted in a recovery which amounts to Rs 51849. (from Jan 2006 to June 2011. i.e 5 and a Half years)and I have to pay the amount in 8 instalments upto Feb 2012. Kindly let me know if the amount to be recovered from salary is Taxable or not, as I have already paid tax on it in the previous years.
My basic pay was fixed at 13350 (+ GP 4800) on Jan 2006. But now my basic has been fixed at 12090 (+GP 4800)on Jan 2006. This has resulted in a recovery which amounts to Rs 51849. (from Jan 2006 to June 2011. i.e 5 and a Half years)and I have to pay the amount in 8 instalments upto Feb 2012. Kindly let me know if the amount to be recovered from salary is Taxable or not, as I have already paid tax on it in the previous years.
22 July 2011
For current year tax is paybale on Net Amount i.e. Salary received after deducting the excess salary received in earlier years.
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