Hello,
i have a query regarding arrears to be included, Is total amount of arrears receivable or only that much part of arrears received as installment, to be consider while calculating relief under section 89.
For example: Total arrears is 184,000 for jan 06 to march 09, to be received in five equal installment. but only first two installment of 36,800 each (i.e. total 73,600) recived during the P.Y 20010-11 i.e A.Y 2011-12.
What would be the amount of arrears to be consider for calculation of section 89 relief ? whether 184000 or 73600 ?
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Query on Relief on section 89
Replies (5)
It depends on whether you are offering the arrears on due basis or received basis during AY 2011-12
U should consider only 73600/- cause is u received that much amount only during the p. year.
Only Rs. 73,600/- will be Calculated for 89 Relief while you are assumed your income on received basis or Received basis (both Cases Only 73,600/- will be used)
arrears is always taxed on receipt basis under the head salary...................
now tax is applicable on received amount, remained amount will be taxed in the PY in which ur going to receive
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