Taxability of finance aid equal to salary
This query is : Resolved
28 June 2012
Sir, In a case, a govt. employee in haryana has expired & his wife is getting a monthly amount named "Financial Asistance Equal to Salary".Please tell me anyone else that is this amount is taxable as salary in case,(1) it will receive for life time or (2)for balance service period of deceased. As per income tax Act Family Pension, Salary etc. is used but financeial Assistance words not used.
01 July 2012
A CA has to face a new terminology,
a new problem, a new complex situation .. etc....
.
We have been taught to consider the substance..... forgetting the form.
.
Apply the test...
Whether it is being received ...and will be received ....in the manner like family pension(FP). The context suggests so, then its FP only.
.
If it's for a short duration, or on account arrears, or compensation for the life of the deceased, .... it could have been treated differently.
.
a new problem, a new complex situation .. etc....
.
We have been taught to consider the substance..... forgetting the form.
.
Apply the test...
Whether it is being received ...and will be received ....in the manner like family pension(FP). The context suggests so, then its FP only.
.
If it's for a short duration, or on account arrears, or compensation for the life of the deceased, .... it could have been treated differently.
.
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