Taxation

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Salary Income - Taxability

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Taxability: Salary is taxable on "Receipt" basis.
 
Receipt: means if salary is
 - actually received or
 - made available to
 - apply or contribute on behalf of the employee by any law or regulation
 
Question: Salary is taxable on Receipt basis. Is there any exception available in the Ordinance
 
Answer: Yes, Salary paid by private companies can be taxable on accrual basis;

Where, in any tax year, salary is paid by a private company to an employee of the company for services rendered by the employee in an earlier tax year and the salary has not been included in the employee’s salary chargeable to tax in that earlier year, the Commissioner may, if there are reasonable grounds to believe that payment of the salary was deferred, include the amount in the employee’s income under the head “Salary” in that earlier year

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posted @ 2:10 PM,

6 Comments:

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At July 2, 2017 at 5:59 AM, Blogger Susan Dan said...

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