When salary is taxable
This query is : Resolved
narasimharao
(Querist)
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.
CA ALOK KUMAR
(Expert)
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
narasimharao
(Querist)
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
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