Save BIG on 2-Yr Ad-Free CAclubindia Pro Membership. Subscribe Now!

Tax Planning

Save Share

This query is : Resolved

Jayashree (Querist)
Follow

22 October 2009 My husband will be receiving arrears of
Rs. 5L. What are the options available to him to minimise the payment of tax on arrears of salary receivable through Government of India.

m.s.nageswararao

m.s.nageswararao (Expert)
Follow

11 July 2010 Sec 89(1) relief of I T Act is available when lumsum arrears received in one year. Then savings made under Sec80C are also get benefit for lesser tax. These are the Two options available to salaried assessees.

m.s.nageswararao

m.s.nageswararao (Expert)
Follow

13 July 2010 Sec 89(1) relief of I T Act is available when lumsum arrears received in one year. Then savings made under Sec80C are also get benefit for lesser tax. These are the Two options available to salaried assessees. One is income of that year other is spreading arrears to add to that respective years. The particulars require are 1) yearwise arrears 2) Forms 16 for the concerned Financial years 3) latest(Last) Financial year Form 16 of in which arrears received.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now