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.
.
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
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Reprocessing of rectification order AY 2025-26
- Gift Received from nonblood relative
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
