Taxable Income
This query is : Resolved
KAMAL SETHI
(Querist)
13 March 2009
Please advise. Incentives payable for year 2008-09 but paid in July 09 will be taxable in the year 2008-09 or 2009-10.
Thanks for your reply.
Thanks for your reply.
13 March 2009
its on due or receipt basis which ever is earlier.
as incentives are for 2008-09 its due for that year and hence taxable in the AY 2009-10.
as incentives are for 2008-09 its due for that year and hence taxable in the AY 2009-10.
13 March 2009
its on due or receipt basis which ever is earlier.
as incentives are for 2008-09 its due for that year and hence taxable in the year 2008-9.
as incentives are for 2008-09 its due for that year and hence taxable in the year 2008-9.
13 March 2009
if it forms part of your salary then will be taxed in 2008-09, else in the year 2009-10.
CA Nitin Wadhwani
(Expert)
13 March 2009
If it taxed under income from Income from business or profession then depends upon the method of accounting followed by the enterprise.
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