My relative joined in a new company on 12th March,2012 but could get salary of March alongwith salary of April on 1st May,2012. He wants to include salary of March,12 in ITR of FY 2011-12 instead of 2012-13. How can he do the same ?
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Income tax
Replies (3)
salary is taxable on due or receipt basis which ever is earlier since salary for march is due on march so no matter when it is received it will be taxable in march .i.e F.Y 11-12
But new co. will include salary of March 12 also in the salary of FY 2012-13 since it is released on 1st May,12 & accordingly issue Form 16 ?
Waiting for answer .
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