When salary is taxable
This query is : Resolved
26 July 2016
Sir,
Food corporation of India salaries paid of depot labours next month as on 7th, i.e. march2015 salary is paid Aprial 07th . This office salaries considered for income tax calculation of TDS part B for A.Y.2016-17 = 2015 march to 2016 feb. IT IS CORRECT Procedure OR not if not what is the correct procedure in practical scenario please tell me as per income tax law
Food corporation of India salaries paid of depot labours next month as on 7th, i.e. march2015 salary is paid Aprial 07th . This office salaries considered for income tax calculation of TDS part B for A.Y.2016-17 = 2015 march to 2016 feb. IT IS CORRECT Procedure OR not if not what is the correct procedure in practical scenario please tell me as per income tax law
27 July 2016
For the purpose of income tax, salary accrued has to be considered. The salary accrued in the month of March thus the salary of 12 months has to be considered for Income tax purpose even though salary was received later.
27 July 2016
Income is always taxable financial year wise. It means income accrue or arise during the period from April to March, shall be taxable & assessable just after completion of financial year. So, perhaps FCI would also be following financial year concept for calculating tds or tax on salary payment. For further query, you may write to info@wealth4india.com or call @9266242424. Alternatively,may Logon to www.wealth4india.com
28 July 2016
FCI rule is every month(eg. march) salary paid on next month 7th(eg. April 7th) this is agreement between the labours and FCI in this scenario how to define salary accrued in march month
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- GST not cancelled by tenant
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- 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
