salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2010
generaly we get March's salary in the month of April & there are 12 month then pl said me from which month we count our total 12 salary monthwise
28 July 2010
12 months salary is considered for the period Apr-March on accrual basis even though you receive March salary in April.
28 July 2010
salary would be taxed on accural or receipt which ever is earlier
28 July 2010
Fact of the cases
Counting of 12 month salary where one month salary is receieved in next month
Provisio as per Income tax Act
Salary shall be chargeable to tax on due basis or receipts basis which ever is earliest ( Refer charging section 15 of the income tax Act)
Conclusion
in your case Due basis is early and the 13 month period shall be counted from April to march of the financial year concered
Counting of 12 month salary where one month salary is receieved in next month
Provisio as per Income tax Act
Salary shall be chargeable to tax on due basis or receipts basis which ever is earliest ( Refer charging section 15 of the income tax Act)
Conclusion
in your case Due basis is early and the 13 month period shall be counted from April to march of the financial year concered
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