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how to record arrears salary?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

how to record arrears salary? also Are arrears of salary taxable?

Income Tax taxation
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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

When employee receives arrears of salary for the previous year’s, which was not taxed earlier on due basis, then salary received is taxed on receipt basis.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

salary is Recorded on Receipt Basis and also same is taxed on Receipt basis. When employee receives arrears of salary for the previous year’s, which was not taxed earlier on due basis, then salary received is taxed on receipt basis.

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