If an employee retired in December 2015 and he got his full & final in April 2016. My query is whether F & F amount is taxable in P.Y. 2015-16 or in P.Y. 2016-17 ?
Ravi Tiwari (Finance Professional) (24 Points)
06 May 2016If an employee retired in December 2015 and he got his full & final in April 2016. My query is whether F & F amount is taxable in P.Y. 2015-16 or in P.Y. 2016-17 ?
Mayank Ahuja
("Learner")
(586 Points)
Replied 06 May 2016
Taxable in FY 16-17, as Salary is taxable on reciept basis rather than Due Basis.
Vinod Vyas
(Analyst)
(258 Points)
Replied 06 May 2016
Taxable in PY 15-16
salary is taxable on due or receipt wchich ever is earliyer.
shivam agarwal
(ca student)
(175 Points)
Replied 06 May 2016
Salary is Taxed on the basis of Due or Received whichever is earlier.
Mayank Ahuja
("Learner")
(586 Points)
Replied 06 May 2016
@ above all...
Agree that basic rule of salary is due or recvd whichever is earlier, Same is also apply in case f advance salary also.
But this is case of arrears of salary, so here taxability arise in year f reciept as per prov f income tax.
Also TDS liab is arise at the payt of payment by emplooyer.
Pls correct if wrong.
Thanks
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