0
Vote It
‘Arrears to be taxed only after payment’
September 6th, 2008 · No Comments
The government today clarified that the arrears accruing from the pay hike recommended by the Sixth Pay Commission would be taxed as and when it was given and not in a lump-sum.
The Statesman writes “The income tax as due can only be deducted on the income earned in a particular year,” a finance ministry official said, refuting reports that 100 per cent tax would be collected this year even though the arrears would be split into two installments of 40 per cent this year and 60 per cent next fiscal.
Stating that no special dispensation would be made for government employees, the official said tax would be levied when a payment was made on a person’s total income that year. There would be no advance tax.
The ministry also sought to dispel the feeling that defence personnel would get a lower pay scale as compared to their civilian counterparts. READ MORE…
http://budhhi.com/talk/sixth-pay-commission-calculator.php - pay calculator
Related news-
For Pay Scales From Old 23 to 31 Pay Scales
For Pay Scales From Old 12 to 22 Pay ScalesFor Pay Scales From Old 1 to 11 Pay ScalesFrom Old 32 to 36 Pay ScalesSee the Pay Calculator here
Related news, 25 most recent articles
- Pay panel award to put pressure on Govt finances, says RBI
- Finmin divided over tax on pay arrears
- sixth pay commission
- Liberal severance package, benefits
- Fiscal situation may hit 6th Pay Commission
- ahmedabad news
- Kingfisher pays Rs 286 crore to AAI
- Govt puts payout of arrears on fast track
- UP govt gives a bitter dose of taxes
- Income Tax Relief on 6th Pay Commission Arrears
- 6th pay gains: Cut taxes to benefit staff
- RBI allows breathing space of Rs 1,45,000cr
- ‘Arrears to be taxed only after payment’
- Sixth Pay Commission report getting finer
- LIC to launch credit cards by year-end
- Crisis takes toll on jobs, man hours
- 6th Pay Commission: Government clears doubt on tax on pay arrears
- Sixth Pay Commission: Income Tax on Pay Arrears
- ATF prices cut again, but fall in air fares uncertain
- Religare MF set to buy Lotus
- See longer, deeper global recession but India to cope: FM
- pune university
- Salary arrears paid in FY09 to be taxed
- Pay panel notification - 28th August news
- Sixth Pay Commission: Forces introduce draft notification
Tags: Sixth Pay Commission
0 responses so far ↓
Contribute Your Comments below...
Contribute Your Comment on ‘Arrears to be taxed only after payment’