Taxability of bonus for salaried employee
This query is : Resolved
08 February 2012
Dear All,
I want to know about the taxability of Bonus. Is bonus is taxable on receipt basis/accrued basis?Policy of our company regarding Bonus is that, bonus for the current year is payable in next Financial Year whether employee render his service/left the company. During the F.Y. 2011-12, I have received Rs. 1885 of bonus related to last F.Y. 2010-11. For the F.Y. 2011-12, the bonus is deducted from salary but payable after April,2012. Is it required to show that part of Bonus in current A.Y.2012-13 or shown in next year when becomes due / receipt.
Thanks in advance
Sachin Sinha
I want to know about the taxability of Bonus. Is bonus is taxable on receipt basis/accrued basis?Policy of our company regarding Bonus is that, bonus for the current year is payable in next Financial Year whether employee render his service/left the company. During the F.Y. 2011-12, I have received Rs. 1885 of bonus related to last F.Y. 2010-11. For the F.Y. 2011-12, the bonus is deducted from salary but payable after April,2012. Is it required to show that part of Bonus in current A.Y.2012-13 or shown in next year when becomes due / receipt.
Thanks in advance
Sachin Sinha
08 February 2012
You have to make Bonus taxable in the year in which it is included in the Form 16.
.
.
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