Income of fy 13-14 deposited into bank account in fy 14-15

Other Income Nature to specify?

HI Chandani,

The other income (in dollars) is money that I had saved during 5 months of onsite trip during FY 2013-14.

Thanks.

option Can be -

to disclose the same in IT Return as Income in ay 1415 n Pay Tax as Self assesment tax 

The income is in dollars. So you must have converted the same into rupees. So now what you can do is show this income earned in cash as consultancy income under the head business / profession. In the books of accounts as on 31st march, u need to pass entry Debit Cash Credit consultancy income. So as on 31st march you have cash in hand. So then when you deposit cash in f.y 14-15 there is no problem. But most importantly , bill of conversion from dollars to rupees must kept safely. Also related bills of foreign parties from where you saved this money should be kept handy. Other option could be you can show this income under the head income from other sources saying tuition income because I think this money belongs to the company where you work but you have not reported the same and said that all money given to you for this foreign trip is used.

The income is in dollars. So you must have converted the same into rupees. So now what you can do is show this income earned in cash as consultancy income under the head business / profession. In the books of accounts as on 31st march, u need to pass entry Debit Cash Credit consultancy income. So as on 31st march you have cash in hand. So then when you deposit cash in f.y 14-15 there is no problem. But most importantly , bill of conversion from dollars to rupees must kept safely. Also related bills of foreign parties from where you saved this money should be kept handy. Other option could be you can show this income under the head income from other sources saying tuition income because I think this money belongs to the company where you work but you have not reported the same and said that all money given to you for this foreign trip is used.