Relief U/s 89 relating to advance salary
This query is : Open
17 December 2010
Any one please explain how relief u/s 89 available to advace salary. As advance salary relate to future years how we can calculate relief based on future salry slab which not known in the year of receipt of advance salary.
Eg. In FY 2009-10 My salary is Rs. 3 lacs p.a. and I have received advance salary Rs. 5 lacs of 2010-11 how relief is calculated? Because if entire advance salary Rs. 5 lacs taxed in FY 2009-10 tax slab will be higher than if it would have taxed in FY 2010-11. please advise?
Eg. In FY 2009-10 My salary is Rs. 3 lacs p.a. and I have received advance salary Rs. 5 lacs of 2010-11 how relief is calculated? Because if entire advance salary Rs. 5 lacs taxed in FY 2009-10 tax slab will be higher than if it would have taxed in FY 2010-11. please advise?
17 December 2010
Sec 89 benefit may be recived in the year 2010-11 , the year advance relates.
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