Background : I am working with a Private firm on six months agreement at a monthly rate. As per agreement I have to put the bill for a month’s work upto 5th of next month and then the company is to pay upto 15th of the month. I started on 9.2.09. The company paid me in March’09 for my work of February’09.
Case :
1. As per my assessed income for the financial year 08-09, which included payment of February’09 paid in March’09, I deposited my tax in the month of March’09.
2. For my work of March’09 the company paid me in June’09 . The company has issued a Form 16 to me which shows payment of March’09 also in March’09 itself.
3. If I include this payment of March’09 (shown paid in March’09 by the firm in Form 16), some addirional income tax may work out.
4. Now do I have the option of showing the payment of March’09 in the financial year 09-10?
a. If yes then will I have to submit photocopy of present Form 16 or some other procedure is to be followed for next year’s Return?
b. if not, then will I have to pay any interest/penalty on the additional income tax to be deposited as per revised calculation.
c. Is there any other way to do it without incurring much loss?
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