Murali (xxx) 05 March 2014

Income tax

Hi All,

I am a salaried working professional with an MNC. The problem I am right now facing is that, we have been paid bonus 2 times in a year. we got paid bonus for the year 2012-2013 in the month of april 2013 and also bonus for the year 2013-2014 in the month of March 2014. it means both are paid in the same financial year. because of this , I have to pay huge amount as tax ( slab has changed to 30%). is there a way we can give a self declation to IT that , the amount I am getting paid in March 2014 is actually for year 2014 and should have been paid in April 2014? Actually , we were not aware that it would be paid in this march , else I would have been planned some other investments .

Regards,

Murali

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4 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 05 March 2014

You can mention clearly that previous bonus pertaining to previous year and present bonus pertaining to present financial year.

Akshay Jain (Partner) 05 March 2014

Hi Murali,

You can claim relief under section 89 of Income Tax Act.

For further details and detailed solution, write your detailed query to us at:

https://ngoandtaxconsultant.in/p/blog-page.html

chandani kumari (Corporate & Tax Lawyer) 06 March 2014

DEAR SIR,

While filing the income tax return for the assessment year 2014-15, you can claim all the bonus in the gross receipt on receipt basis in the financial year. Alternatively, you can claim relief for your previous bonus in the current assessment year under section 89.

For further query can contact -chandani.adv@gmail.com

LAKSHUMAN SAW (proprietor) 14 March 2014

Dear Sir,

What are the procedure to file time barred income tax return for the financial year 2010-2011 i.e. assessment year 2011-12. while the firm gross receipts is 30,30,866/- and TDS deducted of rs. 41,682/- we can get the refund or not. if we are not file the return of respective assessment the what are the steps taken by income tax department.

Thanking you

Lakshuman Saw

Tax Consultant