Salary advance taxable

Firstly, salary is taxable on receipt or accrual, whichever is earlier..

in your case, the implication will not be shifting to the next FY as the amount received as salary as for the last quarter of the current FY only!!

Originally posted by : CA Ankit Totla
	Firstly, salary is taxable on receipt or accrual, whichever is earlier..   in your case, the implication will not be shifting to the next FY as the amount received as salary as for the last quarter of the current FY only!!

Exactly on how much amount I will have to pay the tax?

entire advance salary is taxable in the PY of receipt.. so in your case, since you have taken an advance salary of Rs. 30,000/-  during the year, it is entirely your taxable income and will be taxed according to your tax slabs..!!

Originally posted by : CA Ankit Totla
	entire advance salary is taxable in the PY of receipt.. so in your case, since you have taken an advance salary of Rs. 30,000/-  during the year, it is entirely your taxable income and will be taxed according to your tax slabs..!!

Instead of 'advance' if i say company gave me 'loan' then?

Salary is taxable on reciept or accrual basis whichever is earlier.

Whatever you hav recieved in Jan & Feb 2013 will be taxable for AY13-14 as income from salary.

loan is not an income.. it is not taxable.. provided the company provides loan to its employees as a regular practice..

Loan is a capital reciept and does not form part of your monthly salary so its not taxable as income from salary but as above rightly said that its should be a regular practice of your company to give loan.

tushar.. salary for Jan 13, Feb 13 and Mar 13 will be taxed in AY 2013 - 14 and not in AY 2012  - 13