Hi friends..............I want help in respect of taxibility of Arrears of salary.
One of my client has received arrears of salary partly in P.Y.2010-11 & partly in current P.Y. 2011-12 in sept.2011.this salary relates to 4 years i.e. for A.Y. 2006-07 t0 2011-12. Now, question is How to deduct tax for remaining months of 2011-12 i.e. from oct.2011 to Feb.2012........i.e. whether relief u/s. 89 is to be considered for calculation of bal. TDS liability or relief is to be calculated at the time of submitting the return & refund, if any to be claimed therafter? also, please guide how to lower the tax burden as the assesee presently deducting Rs.10000 tds & he is required to pay Rs. 96420 as tds for the comming months of F.Y.2011-12 i.e. upto Feb.2012. the investments under 80 c exceeds Rs. 1,00,000 & there is loss from self-occupied property of Rs. 13000 as intrest on loan borrowed for self-occupied house property.........................
please help, its urgent.
Thank u in advance for ur cooperation.
CAclubindia
