Income tax
11 months ago
My employer credited 1 lacs to my account by mistake. Will I have to pay income tax on that amount since the amount was in my account for 40-50 days
A.Dear Sir,
You have to return such amount but you need not pay income tax on it since it was a mistaken transaction and you were not supposed to use that amount.
You have to return such amount but you need not pay income tax on it since it was a mistaken transaction and you were not supposed to use that amount.
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A.In case interest accrued on the said amount that remain in your account for 40-50 days enhance your income and exceeds your exemption limit after allowing all rebates you may be liable to pay tax.
Get in touch with a CA or IT practicing Advocate for more clarifications.
Get in touch with a CA or IT practicing Advocate for more clarifications.
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A.Hello,
As per the infromation you have given it is advisable to you to reach out to an CA for better clarity.
As per the infromation you have given it is advisable to you to reach out to an CA for better clarity.
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