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Financial Year for govt organisations

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CFO- at NHTF
58280 Points Posted on 17 June 2022
For Income tax purposes financial year is April to March but in govt organization year will be from March to Feb

How to issue form 16 in this case ?
March to Feb , is it right ?
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On 17 June 2022 at 11:33 Report
Replies (9)
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Chartered Accountant
86505 Points Posted on 18 June 2022
Period of Form 16 is April to March, but salary shown in 16 is of March to Feb
814 Reply
On 18 June 2022 at 04:41
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CFO- at NHTF
58280 Points Posted on 18 June 2022
Why it is like that ?
59 Reply
On 18 June 2022 at 07:53
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Profession Business
28207 Points Posted on 19 June 2022
Salary shown is from March to feb
44 Reply
On 19 June 2022 at 16:46
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CFO- at NHTF
58280 Points Posted on 19 June 2022
Why it is so ?
59 Reply
On 19 June 2022 at 17:33
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Chartered Accountant
86505 Points Posted on 19 June 2022
I already define you in one more query the reason of doing so
814 Reply
On 19 June 2022 at 18:23
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CFO- at NHTF
58280 Points Posted on 19 June 2022
This might not be answer for above query
59 Reply
On 19 June 2022 at 18:49
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Chartered Accountant
86505 Points Posted on 19 June 2022
As per income tax salary is taxable on due or received basis and government service salary due on 1st of next month, so march salary received and due in April. That's the reason for taking salary from Feb to March
814 Reply
On 19 June 2022 at 18:51
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CFO- at NHTF
58280 Points Posted on 19 June 2022
👍🏻👍🏻
59 Reply
On 19 June 2022 at 19:02
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Chartered Accountant
86505 Points Posted on 19 June 2022
Thanks
814 Reply
On 19 June 2022 at 19:03


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