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Get due salary in next year

Tax queries 254 views 3 replies

amit kumar gupta

employeed

25 Points Posted on 23 February 2016

I get salary(8 months around 150K) of 2014-15 in May 2015. Will this be treated as income of 2015 -16 and tax deduction will be as per total current year salary + 150K? If yes then let if i get it on time & gross of 2014 - 15 is less than 250K, which is below taxable range, means not eligible for tax payment. But after getting all (current & due salary) it crossing to 500K . Some one is saying that tax will be calculated by treating 500K as current year income. PLease clear what are rules & what will be taxable income for 2015-16. It is case of govt employee.
Thanks in advance. Amit

Replies (3)

CA. Ankit Bhandari

Manager finance

156 Points Posted on 24 February 2016

. if ITR of 2015-16 AY is not filled yet, then show this income in last year. otherwise you can take rebate u/s 89 in AY 2016-17

amit kumar gupta

employeed

25 Points Posted on 24 February 2016

Is there any columns in ITR to show income of last month.
Actually situation is department is asking for my income,investment & all , so that they deduct calculated tax from salary of month Feb-15. So i am in dilema that will i show it in my income or not,
as it's income of last year.

CA. Ankit Bhandari

Manager finance

156 Points Posted on 24 February 2016

you have to show this in your income. employer will deduct tax on your current income only. they will show balance tax amount as relife u/s 89. then you can claim this in return also