How to file tax if last working day is 31 March 2023, and Salary credited in May 2023

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21 Points Posted on 22 June 2023

Hi

I resigned from my last company and my last working day was 31 March 2023. The company did not pay me last month salary in March. Instead they paid me in the month of May as full and final (FnF) settlement. So should I consider the FnF as 2023 income or for the next financial year?

Best regards.

RJ

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On 22 June 2023 at 15:26 Report
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Quick Summary
If your last working day was 31 March 2023, but your final salary payment was credited in May 2023, you should consider this income for the financial year ending 31 March 2023. This is because salary is taxed on an accrued or received basis, whichever comes first. Your Form 16 should reflect your March salary, even if paid later, and your tax filings should align with this.

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"Do the Right Thing...!!!"
77792 Points Posted on 22 June 2023
It is consider and account in 2023 (March)
1 Reply
On 22 June 2023 at 16:00
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1175 Points Posted on 23 June 2023
Form 16A must have included salary for March
though
paid in May
Also 26AS/ AIS must reflect tds and salary as per form 16
So even if salary is recived in May....form 16 would have reflected salary for March
salary is taxed on recived or accrued basis whichever is earlier
So...keeping above points file salary amount
1 Reply
On 23 June 2023 at 09:36

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