Taxability of finance aid equal to salary
This query is : Resolved
CA Sampat Singh Verma
(Querist)
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.
CA PARAS BAFNA
(Expert)
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.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Wrong CMPo8 file
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
