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Is Financial statements for govt organisation has to be generated for March to Feb ?
Replies (40)
Quick Summary
Yes ......
Why it is so ?
Financial statement prepared from April to March only.
Why Salaries considered from March to Feb only ?
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. Hence not considered.
Then why pvt companies consider April to March though March salary received in April ?
Because in case of Private Employees salary due on last day of same month.
Is it the right reason ?
You search it out, in my view and as per law this is the rule.
Is the arrears of salary one of the reasons in govt ?
?????
Hope govt employees receive arrears . Increment in DA with retrospective effect
Yes.... they were
Is this not the reason for March to Feb method?
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