Tax Planning

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This query is : Resolved

Jayashree (Querist)

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)

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)

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.

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