Left company in march, salary received in april will be considered in which fy
Sumit (Manager) (24 Points)
07 June 2016Sumit (Manager) (24 Points)
07 June 2016
CA Priyanka Kushwaha
(Chartered Accountant)
(1072 Points)
Replied 07 June 2016
As per Income Tax Act, salary is taxable on receipt or due basis whichever is earlier. Therefore, if your salary has been taxed on due basis by your previous employer then it shall be considered as income of that year in which it is taxed on due basis, however, if the same have been taxed on receipt basis then it will be considered as income of the year in which it is received.
In your case, since employer has taxed it in April 2016 i.e. year of receipt, then it should be considered as income of FY 2016-17.