can company cut the tax on the amount/bonus which is declared but will get in next financial year?
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Income tax related query
Replies (2)
Statutory and Personnel liabilities can be allowed as deductions can be allowed as deduction only when such are monetarily paid.........
Generally bonus is taxed on receipt basis rather than accrual basis. But if bonus amount for each employees has been decided and you have informed them bonus amount they would receive later, you can recover taxes from such bonus payments.
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