To show arrear/salary in incoming financial year
This query is : Resolved
14 January 2012
sir, i am a government employee in u.p. i have received 335000 rupees from salary and 97000 rupees from different arrears.my savings for tax purpose is of 100000 rupees. may i show my arrears or some part of salary in incoming financial year because in incoming year i will take home loan?
15 January 2012
Arrears of salary has to be shown on Receipt Basis. Salary has to be shown on due basis. You can not show /shift anything out of these two.
.
You may get benefit for 3 months housing loan interest and if you can plan within this FY , you can save taxes to the extent of interest paid on capital borrowed for the purpose of Purchase of a Residential Flat.
.
Relief U/s 89 can also be claimed, but looking to the salary above Rs 300000/- in the past also, you will hardly get any benefit.
.
.
You may get benefit for 3 months housing loan interest and if you can plan within this FY , you can save taxes to the extent of interest paid on capital borrowed for the purpose of Purchase of a Residential Flat.
.
Relief U/s 89 can also be claimed, but looking to the salary above Rs 300000/- in the past also, you will hardly get any benefit.
.
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
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Reprocessing of rectification order AY 2025-26
- Putting a heading on received mail
- Consolidated financials
- Regarding Applicability of Tax Audit u/s 44AB
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- 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
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
