Receiving arrears may elevate your tax burden by moving you into a higher tax bracket. Section 89(1) of the Income Tax Act, 1961, provides relief by recalculating taxes for the year of arrears and the year they pertain to. Read The Rest at :
Disclaimer : Mymoneytimes implements extreme caution and care in collecting data before publication. Mymoneytimes does not liable for the adequacy, accuracy or completeness of any given information. Hence we are not liable for any kind of direct or indirect loss caused by the use of such information.
