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how to record arrears salary?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 usha asked over 2 years ago

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

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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered over 2 years ago

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 veeru answered over 2 years ago

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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