Salary

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kartik kumar panda (Querist)
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07 January 2015 My company paid 20% as advance salary from my arrear salary of Rs 5000/- can i taxable of Rs 5000/- for this financial year

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 January 2015 if it was arrears and already payable to you, then how can it be advance?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 January 2015 Yes it is possible. In PSU some time adjustable advance is paid out of arrears salary. Suppose pay revision is yet to be finalized after its due, an adjustable advance can be paid to employees which will be adjusted against the final payment of arrears once wage revision is finalized.

Yes TDS required to be deducted under the provisions of Section 192 and the same needs to be considered in your taxable income. When final payment is received TDS will be deducted on amount after reducing this advance.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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08 January 2015 Thank you for informing on the said issue.

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