You might have noticed that the entire arrears of salary relating to different Financial Year, was added in this year Income. Hence the total Income may be surpassed the slab Rs.5, 00,000 or
Rs.10, 00,000 depending upon the service and cadre you belong to.
(Some of the seniors might be knowing this provision). By preparing a statement and recalculating the Income Tax for all the four financial year, one may get some benefit by way of reduced Income Tax. It depends on the individuals Income.
Any excess Tax deducted may be claimed from I.T Dept. by filing return after March 205.
Pl. read the following taken from Bank’s circular:
3. Income tax Projection sheet (including arrears received) provided by Bank for F.Y.2015-16