Sir,
Some body inform me whether arrears of previous financial year drawn and paid during this financial year be taxed during this year. Do we have an option to revise the Income tax of the previous financial year so that the arrears of previous year be included in that year itself. Please enlighten me.
With Regards,
S.Sudarsan
From India, Tirupati
2Some body inform me whether arrears of previous financial year drawn and paid during this financial year be taxed during this year. Do we have an option to revise the Income tax of the previous financial year so that the arrears of previous year be included in that year itself. Please enlighten me.
With Regards,
S.Sudarsan
From India, Tirupati
Hi Sudarsan,
To my knowledge
1. If the arrears was received in April along with the March Month Salary then this could be treated as previous FY income and taxes be reworked accordingly before filing the returns for the previous year.
2. If the returns for the previous FY have already been filed excluding this amount, then this should be treated as Income during the current FY.
Best Regards,
Prakash
From India, Bangalore
To my knowledge
1. If the arrears was received in April along with the March Month Salary then this could be treated as previous FY income and taxes be reworked accordingly before filing the returns for the previous year.
2. If the returns for the previous FY have already been filed excluding this amount, then this should be treated as Income during the current FY.
Best Regards,
Prakash
From India, Bangalore
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