HI Frnds,
Request your advise in understanding the following:
What is difference between Advance against Salary & Advance Salary??
Are both Taxable.....??
If no.....Which one of this is taxable and which one is non-taxable??
Please help........
Regards,
Jammy
From India
Request your advise in understanding the following:
What is difference between Advance against Salary & Advance Salary??
Are both Taxable.....??
If no.....Which one of this is taxable and which one is non-taxable??
Please help........
Regards,
Jammy
From India
Dear Jammy,
As far as i m concerned Salary is taxable at the time of payment or due,whichever is earlier. so advance salary is taxable as per IT Act.
Now, advance against salary, if you repay the amount to the company then it is not taxable, as you have repaid back to the company (no income received). If you have taken this as advance against salary and you will not pay back to the company then it is taxable (as you have taken salary advance and the remaining salary will be credited as per process)
If any clarification, do e mail through the same thread
Regards
Sanjay
From India, Hyderabad
As far as i m concerned Salary is taxable at the time of payment or due,whichever is earlier. so advance salary is taxable as per IT Act.
Now, advance against salary, if you repay the amount to the company then it is not taxable, as you have repaid back to the company (no income received). If you have taken this as advance against salary and you will not pay back to the company then it is taxable (as you have taken salary advance and the remaining salary will be credited as per process)
If any clarification, do e mail through the same thread
Regards
Sanjay
From India, Hyderabad
1
Advance salary or adv. agnst sal. is taxable in the FY in which it is given. The tricky situation comes when it spreads to two financial year. The amount taxed in the previous year will be deducted in the next year. In case of adjustment in the same year the status will remain same.
Thanks
From India, Delhi
Thanks
From India, Delhi
Hello,
Below are the details which you require :
Advance Salary : It means if you work for 15 days within a month then management can approve adoc payment (Advance payment) according to the policy.The number of days for adoc payment can be varied from company to company policy.
Advance against salary : This is a type of a loan against your salary.Normally,there is no interest on such loan.
Both are taxable according to the Income tax Act,1961.
Regards,
Soni Gundecha
" You see things;and you say,'why?'But I dream things that never were;and I say,'why not?' "
From India, Surat
Below are the details which you require :
Advance Salary : It means if you work for 15 days within a month then management can approve adoc payment (Advance payment) according to the policy.The number of days for adoc payment can be varied from company to company policy.
Advance against salary : This is a type of a loan against your salary.Normally,there is no interest on such loan.
Both are taxable according to the Income tax Act,1961.
Regards,
Soni Gundecha
" You see things;and you say,'why?'But I dream things that never were;and I say,'why not?' "
From India, Surat
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