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India - Are Salary Advances Taxable? [closed]
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I work in India and our company has announced salary advances for people who were affected by a recent natural calamity. Other companies too have announced similar ex-gratia incentives.
It is mentioned that the advance amount will be recovered over a period of 12 months starting next financial year.
My question:
If I avail this advance, will it be taxable , provided that I will be re-paying the amount in monthly installments?
salary india compensation
edited Dec 12 '15 at 5:43
Dawny33
12.2k34563
asked Dec 12 '15 at 5:17
BiscuitBoy
312212
closed as off-topic by Justin Cave, gnat, The Wandering Dev Manager, mcknz, Joe Strazzere Dec 13 '15 at 22:54
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions seeking advice on company-specific regulations, agreements, or policies should be directed to your manager or HR department. Questions that address only a specific company or position are of limited use to future visitors. Questions seeking legal advice should be directed to legal professionals. For more information, click here." – Justin Cave, gnat, The Wandering Dev Manager, mcknz
suggest improvements |Â
up vote
2
down vote
favorite
I work in India and our company has announced salary advances for people who were affected by a recent natural calamity. Other companies too have announced similar ex-gratia incentives.
It is mentioned that the advance amount will be recovered over a period of 12 months starting next financial year.
My question:
If I avail this advance, will it be taxable , provided that I will be re-paying the amount in monthly installments?
salary india compensation
edited Dec 12 '15 at 5:43
Dawny33
12.2k34563
asked Dec 12 '15 at 5:17
BiscuitBoy
312212
closed as off-topic by Justin Cave, gnat, The Wandering Dev Manager, mcknz, Joe Strazzere Dec 13 '15 at 22:54
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions seeking advice on company-specific regulations, agreements, or policies should be directed to your manager or HR department. Questions that address only a specific company or position are of limited use to future visitors. Questions seeking legal advice should be directed to legal professionals. For more information, click here." – Justin Cave, gnat, The Wandering Dev Manager, mcknz
3
Don't think of it like a loan, think of it as what it is - an advance. You either get it now and pay tax on it now, or get it in 12 instalments and pay tax on it then.
– Jon Story
Dec 12 '15 at 5:52
suggest improvements |Â
up vote
2
down vote
favorite
up vote
2
down vote
favorite
I work in India and our company has announced salary advances for people who were affected by a recent natural calamity. Other companies too have announced similar ex-gratia incentives.
It is mentioned that the advance amount will be recovered over a period of 12 months starting next financial year.
My question:
If I avail this advance, will it be taxable , provided that I will be re-paying the amount in monthly installments?
salary india compensation
edited Dec 12 '15 at 5:43
Dawny33
12.2k34563
asked Dec 12 '15 at 5:17
BiscuitBoy
312212
I work in India and our company has announced salary advances for people who were affected by a recent natural calamity. Other companies too have announced similar ex-gratia incentives.
It is mentioned that the advance amount will be recovered over a period of 12 months starting next financial year.
My question:
If I avail this advance, will it be taxable , provided that I will be re-paying the amount in monthly installments?
salary india compensation
edited Dec 12 '15 at 5:43
Dawny33
12.2k34563
asked Dec 12 '15 at 5:17
BiscuitBoy
312212
edited Dec 12 '15 at 5:43
Dawny33
12.2k34563
edited Dec 12 '15 at 5:43
Dawny33
12.2k34563
edited Dec 12 '15 at 5:43
Dawny33
12.2k34563
12.2k34563
asked Dec 12 '15 at 5:17
BiscuitBoy
312212
asked Dec 12 '15 at 5:17
BiscuitBoy
312212
asked Dec 12 '15 at 5:17
BiscuitBoy
312212
312212
closed as off-topic by Justin Cave, gnat, The Wandering Dev Manager, mcknz, Joe Strazzere Dec 13 '15 at 22:54
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions seeking advice on company-specific regulations, agreements, or policies should be directed to your manager or HR department. Questions that address only a specific company or position are of limited use to future visitors. Questions seeking legal advice should be directed to legal professionals. For more information, click here." – Justin Cave, gnat, The Wandering Dev Manager, mcknz
closed as off-topic by Justin Cave, gnat, The Wandering Dev Manager, mcknz, Joe Strazzere Dec 13 '15 at 22:54
This question appears to be off-topic. The users who voted to close gave this specific reason:
- "Questions seeking advice on company-specific regulations, agreements, or policies should be directed to your manager or HR department. Questions that address only a specific company or position are of limited use to future visitors. Questions seeking legal advice should be directed to legal professionals. For more information, click here." – Justin Cave, gnat, The Wandering Dev Manager, mcknz
3
Don't think of it like a loan, think of it as what it is - an advance. You either get it now and pay tax on it now, or get it in 12 instalments and pay tax on it then.
– Jon Story
Dec 12 '15 at 5:52
suggest improvements |Â
3
Don't think of it like a loan, think of it as what it is - an advance. You either get it now and pay tax on it now, or get it in 12 instalments and pay tax on it then.
– Jon Story
Dec 12 '15 at 5:52
3
3
Don't think of it like a loan, think of it as what it is - an advance. You either get it now and pay tax on it now, or get it in 12 instalments and pay tax on it then.
– Jon Story
Dec 12 '15 at 5:52
Don't think of it like a loan, think of it as what it is - an advance. You either get it now and pay tax on it now, or get it in 12 instalments and pay tax on it then.
– Jon Story
Dec 12 '15 at 5:52
suggest improvements |Â
1 Answer
1
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oldest
votes
up vote
1
down vote
The amount is taxable under the Income Tax Department of India.
However, you might want to confirm the same with the HR of your company, regarding the norms and regulations of the same.
answered Dec 12 '15 at 5:42
Dawny33
12.2k34563
suggest improvements |Â
1 Answer
1
active
oldest
votes
1 Answer
1
active
oldest
votes
active
oldest
votes
active
oldest
votes
up vote
1
down vote
The amount is taxable under the Income Tax Department of India.
However, you might want to confirm the same with the HR of your company, regarding the norms and regulations of the same.
answered Dec 12 '15 at 5:42
Dawny33
12.2k34563
suggest improvements |Â
up vote
1
down vote
The amount is taxable under the Income Tax Department of India.
However, you might want to confirm the same with the HR of your company, regarding the norms and regulations of the same.
answered Dec 12 '15 at 5:42
Dawny33
12.2k34563
suggest improvements |Â
up vote
1
down vote
up vote
1
down vote
The amount is taxable under the Income Tax Department of India.
However, you might want to confirm the same with the HR of your company, regarding the norms and regulations of the same.
answered Dec 12 '15 at 5:42
Dawny33
12.2k34563
The amount is taxable under the Income Tax Department of India.
However, you might want to confirm the same with the HR of your company, regarding the norms and regulations of the same.
answered Dec 12 '15 at 5:42
Dawny33
12.2k34563
answered Dec 12 '15 at 5:42
Dawny33
12.2k34563
answered Dec 12 '15 at 5:42
Dawny33
12.2k34563
answered Dec 12 '15 at 5:42
Dawny33
12.2k34563
12.2k34563
suggest improvements |Â
suggest improvements |Â
3
Don't think of it like a loan, think of it as what it is - an advance. You either get it now and pay tax on it now, or get it in 12 instalments and pay tax on it then.
– Jon Story
Dec 12 '15 at 5:52