About bifurcation of bank salary arrears

292 views
User Avatar

STUDENT
156 Points Posted on 30 December 2020
bankers received salary arrears of three years , it can be bifurcated to previous years.

can we invest under 80c for previous years ???
0 Reply Share Follow
On 30 December 2020 at 19:54 Report
Replies (4)
Quick Summary
This discussion explores the tax implications of receiving bank salary arrears spanning multiple years. It clarifies that arrears are taxed in the year of receipt and discusses the possibility of claiming relief under Section 89. The key question is whether investments under Section 80C can be applied to previous years or only the current year when the arrears are received and taxed.

User Avatar

524 Points Posted on 30 December 2020
Salary in arrears is taxable in the year in which it is received and also you can get relief us 89 hence 80c deduction can be talen in current year not from previous year
1 Reply
On 30 December 2020 at 20:58
User Avatar

STUDENT
156 Points Posted on 30 December 2020
If I not use section 89 and
includes arrears in current year salary and file return in regular way. will it be ok???
Reply
On 30 December 2020 at 21:59
User Avatar

STUDENT
1631 Points Posted on 30 December 2020
Salary is taxed , on due or received whichever is earlier ...
Reply
On 30 December 2020 at 22:38
User Avatar

STUDENT
156 Points Posted on 30 December 2020
So I can treat whole salary as current year salary and can do investment to save tax according to increased income due to arrears??
Reply
On 30 December 2020 at 22:47

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidance Required on Filing Fresh Registration und
  2. IT Return Refund Status AY 2026-27
  3. Clarification Regarding Income Tax Demand Notice
  4. Online PAN Download: Check How?
  5. Demand of Late fee/Interest under section 75 of GS
  6. DSC registration on TRACES portal
  7. Can we get registered for MCA if we get a Virtual
  8. DONATION PAYMENT REG
  9. GST IDS Refund – Statement 01A: Invoice Not
  10. TDS deposit code & TDS return

More recent discussions | Post

Related Topics :

Loading