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Income tax on arrears of salary
On person's salary for F.Y. 2006-07 is less than 1 lakh but the same is paid in F.Y. 2007-08. In F.Y. 2007-08 the person has taxable income and the payroll person has deducted tax on the salaryof 2006-07 also. What can we do in such situation?
Replies (5)
he can claim relief u/s 89 of income tax act.
I feel reply of Mr Yashment Jain is correct.After deductions U/S 89 tax wil be charged on balance amount and further claims of investments made during that year also be checked.
Do consolidation of accounts of a wholly owned subsidiary is mandatory or can we append the seperate accounts of parent and subsidiary company in the Annual Report of the parent company? If it is required can we restict on BSheet and P&LAccount only without other detailed shedules, notes policies etc.
CALCULATION OF ARREAR OF SALARY RS.1500PER MONTH FOR PREVIOUS YEAR 2006-07
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