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AA-63 How to Take March Salary Which Paid in April in Income Tax Return

Others 757 views 6 replies
All Respected Members,

please educate me that if my employer pay me March 2024 salary in April 2024 and it's credited in my bank account in April 2024 month too, how should I deal it for my income tax return for 2024:

Should I add this net salary amount which credited in my bank account in April 2024 with closing balance of my bank account on 31-3-24 and show it as cash at bank in my income tax return 2024 ?

or

should I consider that amount which is only exist in my bank account and reflecting as closing balance on 31-3-24 in my bank statement ?

Thanks in advance for your precious time to reply this query.
Replies (6)
Due or receive basic which ever is earlier.
Mr. Imran,

Thanks for your reply.

Your answer is not clear to me. can you please elaborate.

Some more response awaited from respected members urgently.

For simplicity, better follow form 16 issued by employer,for salary computation ....

Dear My videos,

 
         You should add your March Month's Salary as your income, compute & pay tax accordingly. You will have to show the bank balance as per the pass book AS on Date 31-Mar-24.
Thanks to Mr. Dhirajlal Sir and Narendra Sir for reply of my query.

Dhirajlal Sir,

Noted for salary computation.

Narendra Sir,

Noted for computation of salary.

as far as cash flow is concerned, you are saying that I should consider balance at bank on 30-Mar-24 and net salary amount of March which will receive in April should take in cash flow of next year return. please confirm.


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