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21 February, 2015

Claim only interest in IT calculation for CPS/CSS ARREARS as per IT ACT 2014-15 5.1.1 (c)

As per IT ACT 2014-15 5.1.1 (c)
Any arrears of salary paid or allowed in the previous year by or on behalf of an employer
or a former employer, if not charged to income-tax for any earlier previous year will
be charged to IT this year.
CPS-CSS Arrears Principle Amount is the DA Arrears which was already charged to I.T in
those years, so now it need not be shown this year again.
But the profit, which is the interest amount should be charged to IT Returns

Download Circular No 17/2014 :: GUIDELINES FOR SALARIED EMPLOYEES TO PAY TAX DURING 2014- 15 FY

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