m[AR] <-- PC - This is a memory write operation, and its not positive edge triggered. ie, it could be performed at any time. The time required to execute it will depend on the memory write time, and it will be less than 1 clock cycle. So it will get finished before that clock cycle(T4).
AR<--AR+1 - This is an increment operation in AR register, and all register operations (load, increment etc) are positive edge triggered. So, it will get executed only at the end of that clock cycle (T4)
As a result both could be done in T4 itself without any problem