Income tax

pawan (Querist) 04 February 2014 This query is : Resolved
Sir,

I earned 4 months salary in the previous year & I received it this year ,What are the provisions of income tax to show this income?

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Guest (Expert) 04 February 2014
The interpretation of previous year as per IT Act and a layman's perceptions normally differs. Better write for which months and year (2012 or 2013) you received salary.

ajay sethi (Expert) 04 February 2014
consult your CA as you have raised lot of income tax queries today

SHIRISH PAWAR, 7738990900 (Expert) 04 February 2014
You can post your querry in CA club

Rajendra K Goyal (Expert) 05 February 2014
You have two options

a) Show and account for your previous year salary in paid this year into the income of this year and pay tax accordingly.

b) You can fill specified form by IT deptt. to show this income into previous year. Your tax of previous year would increase. If this increase is less than the tax liability on this amount for this year you have benefit in showing this income in previous year. If it comes almost equal no use to do this extra exercise.

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