Negative income from head " salary " ..

TAX TRIVIA .......... 

Is negative income under the head ' SALARIES' possible ???

If yes , show calculations and and judgements or case laws(if any ) to support your answer... 

 

THANK YOU ...

Replies (13)

Set Off and Carry forward of Losses haven't made any provisions of Salary LOSSES  being Set off against some other income...so i guess under Tax Law Negative Salary not possible.
Moreover if we think Logically we can't pay salary to our own Emlpoyer and claim it as an expense under the Head Salaries. So for me Negative Not possible.

No buddy , i heard there is a way... lets wait and see ....

 

It is not possible. 

Maybe something to do with sec 16(iii) ???? professional tax paid ... 

One should apply his mind while studying course like CA. 

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( The major mistakes are committed by the most of the students that they study too much but don't apply their own mind about applicability of a particular point ). 

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Co-relation of various chapters should be kept in mind while reading a subject.

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Refer the set off and carry forward of loss chapter to decide. 

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Apply logic :

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Have you heard someone saying : This year I have made losses from Salary ?

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( one more point : is it possible when no deductions from Salary are allowed )? 

How much professional tax is likely to paid over and above Salary ?

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Apply logic : If taxes are paid more than the Salary earned; who would be interested to do such type of service ?

Sir ,

What if I join job on march 29th and want to pay advance professional tax for three years ?? 

 

Thank You CA SURENDRA KUMAR RAKECHA Sir , for showing concern about his query ...

You seem to be extremely experienced and you implying that i dont have enough mind to study CA course is very welcome ..  I do take your suggestion in a very good spirit .. 

THANK YOU , Sir ..

 

Originally posted by : SHAILESH SRIDHAR



you implying that i dont have enough mind to study CA course is very welcome .. 



 

who told u this ??? sir is making you understand a point.. nobody is judging you... PS : Dont underestimate urself

What I meant to convey  was : 

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Due to vast syllabus; students tend to read it very fast and ultimately not knowing what they read just after the end of the day ! 

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At initial level; If you read slowly  with perfect understanding of a point, para and topic; soon your speed would be high and this way you would overcome the problem of the vast syllabus. 

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( But I warn again here : First reading should be very fast ). 

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It should be just towards having one idea ( scope ) about the topics and the subject ). For fast track; even one may resort to index of the subject given in a book. ( Please read  my articles ).

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For example; if you can start the subject with any of the topic randomly; it means you can tackle it well. But if you are not able to do such in a particular subject; then definitely it requires more concentration since its beginning. 

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You may refer my articles published at caclub for proper understanding of the CA Curriculum.

 

Some of them are : 

 


1. Why brilliant students underperform as average students

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2. Average students are actually not average students

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After reading this article EVERY STUDENT ( Yes, everyone ) can assure himself that he is not an ordinary student. The problem is due to  applying ordinary ways. Influenced by others; one is confused what to do despite he is good enough in a particular stream ).  

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3. Tips to get success in CA exams after continuos failure

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4. MAKING SUBJECTS INTERESTING IN PROFESSIONAL CAREER


5. Easy solution for loss of memory during exam days


6. Revision of whole syllabus in day one at the time of exam

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( Due to some "harsh" words; if you become "HIGH ALERT;" surely it will pay for your own benefit ). 

HUMOUR : 

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Since there can't be a NEGATIVE  income from the HEAD Salary;

hence one should not keep NEGATIVE  thoughts in his HEAD (mind) while studying.

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Please don't mind and be happy.cheeky

I do understand that sir.. 

I know logically it can never happen .. but i had heard many cases from people who have been teaching tax for 25 yrs+ that it is possible to get a negative income ( atleast mathematically )... 

Me , being a maths student just wanted to confirm and prove a point , thats it.. 

And there is no doubt in my mind ... provisions for set-off dont allow negative income under salary to be set off against any other head ... 

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