Joining Bonus query

Seasons Greetings to one and all Hope everyone had a colourful and blessed Holi.

My query is below.

I joined an organisation in jan 2011. I got joining bonus from my organisation.

I got the joining bonus along with the jan salary.

I quit the org in Mar 2011, hence the settlement was made in Apr 2011 in which the joining bonus was deducted from my march salary.


Now when I am preparing my accounts for FY 09-10 for filing my returns I am getting jan & feb salary plus my joining bonus. There was no TDS deducted.

When i prepare accounts for FY 10-11 my march salary would come into picture.

How shall i deal with the joining bonus component?

Thanks

Replies (3)

It is irrelevant that u got salary in the month of april, it is taxable in FY 10-11 b'coz it is for d month of march & also bonus amt. should get nullified. only u show taxable income of Jan, Feb & March.

Thanks for reply, but normally I take the value date when I prepare so i have got the credit only in April, in that case how can i take it for March. Hence I am taking it in next FY 10-11.

Would there be any problem or drawback take in FY10-11?

if your salary and bonus was subject to TDS then you had to consider the march salary in march itself, 

in case no TDS is deducted then u have to show the bonus as advance and neutralize the same in next year. 

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