Salary

Query old salary 2006 to 2008 25 month 3.75 lacs

Leave encashment 13800 rs

Bonus 72000 rs

Court expenses 72000 rs

Gratutity 2.48 lacs 

Interest 1.75 lacs 

No other income presumed

Taxability in current year ay 15 16 

Pls.. reply urgent

Replies (9)

for calculation of gratuity require some details.

1. whether Assess is Govt. employee..??

2. Last Drawn Monthly Salary

3. Whether Court Exp. is part of salary or rembureshement of expenses..??

4. Whether 3.75 is fully Basic salary or any bifrerciation is ther. Like DA, HRA. Conveyance Allowance. 

NOT A GOVT. EMPLOYEE

LAST SALARY 15000

NOT A PART OF SALARY

BASIC SALARY

only 405692/- { (248000-17308) + 175000} is taxable.

Leave encashment is fully exempt.

Bonus and salary is already taxable in 2006-2008 on accural basis so not taxable in 15-16.

Court exp. are not part of salary it i just rembureshment of exp. so not taxable.

Only Interest of 175000/- and Gratuity of Rs. 230692/- ( 248000-17308) is taxable.

If any one have different view please update.

 

HELLO SIR BUT SALARY REVCEIVED IN CURRENT YEAR

altough it is recived in current year. but as per income tax salary is taxable on accrual of receipt which ever is earlier.

so as per this rule salary should be taxable in 2006-2008

IF ARREAR OF SALARY

then you have to recalculate income of 2006-08 as per salary plus arrear of salary and in current year treat it as receipt.  then differental should be taxable.

Can u show me gratuity calculation

Exempted Gratuity is lower of following

1. Last Drawn salary X no. of years of emoloyement X 15/26

    15000 X 2 X 15/26   = 17308

2. Rs 10,00,000

3. Gratuity actually received i.e 248000

Lower is 17308 so taxable gratuity is Rs. 248000-17308 = 230692

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