Taxation Exam > Taxation Notes > Income Tax for assessment (Inter Level) > What is the Due Date of Salary and Allowances - Taxation
What is the Due Date of Salary and Allowances - Taxation | Income Tax for assessment (Inter Level) PDF Download
What is the due date of salary
1. Salary may falls due either on the last day of each month; or
2. on the first day of next month.
3. Where salary falls due on the last day of each month, salary of April to March is taxable.
4. Where salary falls due on the first day of next month, salary of March to Feb is taxable.
P1: Mr. Taxcrazy is employed in Facebook since 1-9-2013 in the grade of 25,000-2,000-29,000-3000-41,000. Compute salary chargeable to tax for the PY 2016-17 if (a) salary falls due on last day of each month (b) Salary falls due on first day of next month.
Ans: 3,69,000; 3,66,000.
Solution
|
Date of increment of salary |
Amount |
Date of increment of salary |
Amount |
|
1-9-2013 [PY 2013-14] |
25,000 |
1-9-2017 [PY 2017-18] |
35,000 |
|
1-9-2014 [PY 2014-15] |
27,000 |
1-9-2018 [PY 2018-19] |
38,000 |
|
1-9-2015 [PY 2015-16] |
29,000 |
1-9-2019 [PY 2019-20] |
41,000 |
|
1-9-2016 [PY 2016-17] |
32,000 |
|
|
|
salary falls due on the last day of each month |
Salary falls due on the first day of next month |
||||||||
|
April 2016 to March 2017 |
March 2016 to February 2! |
||||||||
|
April |
to |
Aug |
(5 x 29,000) |
1,45,000 |
March |
to |
Aug |
(6 x 29,000) |
1,74,000 |
|
Sept |
to |
March |
(7 x 32,000) |
2.24.000 |
Sept |
to |
Feb |
(6 x 32,000) |
1,92,000 |
|
Total salary of PY 21 |
3,69,000 |
Total salary of PY 21 |
3,66,000 |
||||||
P2: Mr. Taxcrazy is employed in Apple since 1-1-2012 in the grade of 12,000-3,000-33,000-5,000-63,000. Compute salary chargeable to tax for the PY 2016-17 if (a) salary falls due on last day of each month (b) Salary
falls due on first day of next month.
Ans: 2,97,000; 2,94,000
P3: Compute basic salary for the PY 2016-17 from the following information if (a) salary falls due on last day
of each month (b) Salary falls due on first day of next month.
1. Mr. X joins a company on 1-11-2014 on a grade of 12,000-1,000-20,000.
2. Mr. X joins the Co. on 1-7-2016 on a salary of ₹ 6,000 p.m.
3. Mr. X joins the Co., on 1-6-2012 on a grade of 16,000 - 2,000 - 20,000 - 4,000 - 32,000. He retires on
31-1-2017.
4. Mr. X joins the Co., on 1-5-2016 on a salary of ₹ 15,000 p.m. He retires at the end of February.
5. Mr. X is working with two Companies. A Ltd. pays him ₹ 8,000 p.m. and B. Ltd. pays ₹ 9,000 p.m.
6. Mr. X has been drawing basic salary of ₹ 12,000 p.m. for last 3 years. His annual increment falls due on 1-8-2016 of ₹ 3,000 p.m.
7. Mr. X retires on 31-12-2016. Basic salary at the time of retirement ₹ 8,000 p.m. His annual increment falls due on 1-9-2016 ₹ 2,000 p.m.
of each month (b) Salary falls due on first day of next month.
1. Mr. X joins a company on 1-11-2014 on a grade of 12,000-1,000-20,000.
2. Mr. X joins the Co. on 1-7-2016 on a salary of ₹ 6,000 p.m.
3. Mr. X joins the Co., on 1-6-2012 on a grade of 16,000 - 2,000 - 20,000 - 4,000 - 32,000. He retires on
31-1-2017.
4. Mr. X joins the Co., on 1-5-2016 on a salary of ₹ 15,000 p.m. He retires at the end of February.
5. Mr. X is working with two Companies. A Ltd. pays him ₹ 8,000 p.m. and B. Ltd. pays ₹ 9,000 p.m.
6. Mr. X has been drawing basic salary of ₹ 12,000 p.m. for last 3 years. His annual increment falls due on 1-8-2016 of ₹ 3,000 p.m.
7. Mr. X retires on 31-12-2016. Basic salary at the time of retirement ₹ 8,000 p.m. His annual increment falls due on 1-9-2016 ₹ 2,000 p.m.
Ans: (1) 1,61,000; 1,60,000; (2) 54,000; 48,000; (3) 2,72,000; 2,96,000; (4) 1,50,000; 1,50,000; (5) 2,04,000;
2,04,000; (6) 1,68,000; 1,65,000; (7) 62,000; 68,000.
2,04,000; (6) 1,68,000; 1,65,000; (7) 62,000; 68,000.
P4: Mr. X monthly basic pay is 16,000. (a) He took 3 months basic salary in advance on 28-2-2017. (b) He took
3 months basic salary in advance on 28-2-2016. Compute his salary for the AY 2017-18.
3 months basic salary in advance on 28-2-2016. Compute his salary for the AY 2017-18.
Ans: (a)16,000 x 14 = 2,24,000 (b) 16,000 x 10 = 1,60,000
Allowances
- It is a fixed amount of money payable to employee for particular requirement in cash connected with the services rendered. For e.g. ₹ 200 p.m. for meal. It is meal allowance. ₹ 200 meal coupon. It is perquisites.
- Allowances may be given for personal purpose or for official purpose.
- Where the allowances are given for personal purpose it is generally fully taxable. But where allowances are given for official purpose it is generally exempt from tax. Treatment of taxability of allowance does not depend upon the name of the allowance but for the purpose for which it is provided.
- Allowances are divided into four categories (i) Fully exempted allowances (ii) Fully taxable allowances (iii) Partially exempted allowances and (iv) Special allowance.
P1 : X, a former employee of United Nations Organisation (UNO), receives pension from the UNO. His taxable
salary is-
Ans : Nil
Fully Taxable Allowances
Following allowances, whether spend or not, is fully taxable.
|
1. |
Servant Allowance. |
9. |
Fixed Medical Allowance. |
|
2. |
City Compensatory Allowance. |
10. |
Tiffin / breakfast / lunch / brunch / refreshment / meal / dinner allowance. |
|
3. |
Overtime allowance. |
11. |
Telephone Allowance. |
|
4. |
Project allowance. (personal research) |
12. |
High Cost of living Allowance. |
|
5. |
Entertainment allowance. (for clients entertainment) |
13. |
Marriage / Family Allowance |
|
6. |
Dearness allowance. (inflation in the economy) |
14. |
Holiday Home Allowance |
| 7. | Rural allowance. | 15. | Non-Practising Allowance |
| 8. | Absent Allowance. | 16. | Overseas allowance |
The document What is the Due Date of Salary and Allowances - Taxation | Income Tax for assessment (Inter Level) is a part of the Taxation Course Income Tax for assessment (Inter Level).
All you need of Taxation at this link: Taxation
|
405 videos|72 docs
|
FAQs on What is the Due Date of Salary and Allowances - Taxation - Income Tax for assessment (Inter Level)
| 1. What is the due date for filing salary and allowances taxation? |  |
Ans. The due date for filing salary and allowances taxation varies depending on the country and its tax regulations. In many countries, the due date is typically around April 15th of each year for individual taxpayers. However, it is essential to consult the specific tax authority or seek professional advice to determine the exact due date for filing salary and allowances taxation.
| 2. Can the due date for filing salary and allowances taxation be extended? | |
Ans. Yes, in some cases, the due date for filing salary and allowances taxation can be extended. However, this extension is usually granted under certain circumstances, such as natural disasters, personal emergencies, or specific situations outlined by the tax authority. Taxpayers need to apply for an extension before the original due date and provide valid reasons for the extension request.
| 3. What happens if I miss the due date for filing salary and allowances taxation? | |
Ans. Missing the due date for filing salary and allowances taxation may result in penalties and interest charges. The specific consequences vary depending on the tax jurisdiction, but common penalties include late filing penalties, late payment penalties, and accruing interest on the unpaid tax amount. It is crucial to file the tax return as soon as possible to avoid additional penalties and charges.
| 4. Can I file my salary and allowances taxation before the due date? | |
Ans. Yes, taxpayers can file their salary and allowances taxation before the due date. In fact, it is recommended to submit the tax return as early as possible to avoid last-minute rush and potential errors. Filing early allows taxpayers to have ample time for reviewing their returns, gathering necessary documents, and seeking professional assistance if needed.
| 5. Is there a penalty for filing salary and allowances taxation after the due date but without any tax liability? | |
Ans. The penalty for filing salary and allowances taxation after the due date but without any tax liability varies depending on the tax jurisdiction. In some countries, if there is no tax liability, there may be no penalty for late filing. However, it is essential to consult the specific tax authority or seek professional advice to understand the penalty provisions in your jurisdiction. It is always recommended to file the tax return on time, even if there is no tax liability, to avoid any potential penalties.
Related Exams
About this Document
|
4.62/5 Rating |
|
Nov 16, 2024 Last updated |
Document Description: What is the Due Date of Salary and Allowances - Taxation for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for What is the Due Date of Salary and Allowances - Taxation have been prepared according to the Taxation exam syllabus. Information about What is the Due Date of Salary and Allowances - Taxation covers topics
like and What is the Due Date of Salary and Allowances - Taxation Example, for Taxation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for What is the Due Date of Salary and Allowances - Taxation.
Introduction of What is the Due Date of Salary and Allowances - Taxation in English is available as part of our Income Tax for assessment (Inter Level)
for Taxation & What is the Due Date of Salary and Allowances - Taxation in Hindi for Income Tax for assessment (Inter Level) course.
Download more important topics related with notes, lectures and mock test series for Taxation
Exam by signing up for free. Taxation: What is the Due Date of Salary and Allowances - Taxation | Income Tax for assessment (Inter Level)
Description
Full syllabus notes, lecture & questions for What is the Due Date of Salary and Allowances - Taxation | Income Tax for assessment (Inter Level) - Taxation | Plus excerises question with solution to help you revise complete syllabus for Income Tax for assessment (Inter Level) | Best notes, free PDF download
Information about What is the Due Date of Salary and Allowances - Taxation
In this doc you can find the meaning of What is the Due Date of Salary and Allowances - Taxation defined & explained in the simplest way possible. Besides explaining types of
What is the Due Date of Salary and Allowances - Taxation theory, EduRev gives you an ample number of questions to practice What is the Due Date of Salary and Allowances - Taxation tests, examples and also practice Taxation
tests
|
Explore Courses for Taxation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
What is the Due Date of Salary and Allowances - Taxation | Income Tax for assessment (Inter Level)
,Sample Paper
,Objective type Questions
,MCQs
,Viva Questions
,Free
,Previous Year Questions with Solutions
,Important questions
,What is the Due Date of Salary and Allowances - Taxation | Income Tax for assessment (Inter Level)
,What is the Due Date of Salary and Allowances - Taxation | Income Tax for assessment (Inter Level)
,video lectures
,Summary
,shortcuts and tricks
,study material
,Exam
,Semester Notes
,practice quizzes
,mock tests for examination
,ppt
,Extra Questions
,past year papers
;
Additional Information about What is the Due Date of Salary and Allowances - Taxation for Taxation Preparation
What is the Due Date of Salary and Allowances - Taxation Free PDF Download
The What is the Due Date of Salary and Allowances - Taxation is an invaluable resource that delves deep into the core of the Taxation exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the What is the Due Date of Salary and Allowances - Taxation now and kickstart your journey towards success in the Taxation exam.
Importance of What is the Due Date of Salary and Allowances - Taxation
The importance of What is the Due Date of Salary and Allowances - Taxation cannot be overstated, especially for Taxation aspirants.
This document holds the key to success in the Taxation exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
What is the Due Date of Salary and Allowances - Taxation Notes
What is the Due Date of Salary and Allowances - Taxation Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to What is the Due Date of Salary and Allowances - Taxation.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, What is the Due Date of Salary and Allowances - Taxation Notes on EduRev are your ultimate resource for success.
What is the Due Date of Salary and Allowances - Taxation Taxation Questions
The "What is the Due Date of Salary and Allowances - Taxation Taxation Questions" guide is a valuable resource for all aspiring students preparing for the
Taxation exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study What is the Due Date of Salary and Allowances - Taxation on the App
Students of Taxation can study What is the Due Date of Salary and Allowances - Taxation alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the What is the Due Date of Salary and Allowances - Taxation,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of What is the Due Date of Salary and Allowances - Taxation is prepared as per the latest Taxation syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup