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SALARY,PERQUISITE AND PROFITS IN LIEU OF SALARY (SECTION 17)
https://commercegurukulca.blogspot.com/2018/09/salaryperquisite-and-profits-in-lieu-of.html
SALARY, PERQUISITE AND PROFITS IN LIEU OF SALARY (SECTION 17)
(1) Meaning of Salary
The meaning of the term ‘salary’ for purposes of income tax is much wider than what is normally
understood. The term ‘salary’ for the purposes of Income-tax Act, 1961 will include both monetary
payments (e.g. basic salary, bonus, commission, allowances etc.) as well as non-monetary facilities
(e.g. housing accommodation, medical facility, interest free loans etc.).
Section 17(1) defined the term “Salary”. It is an inclusive definition and includes monetary as well
as non-monetary items.
Wages
In common parlance, the term “wages” means fixed regular payment earned for work or
services. The words “wages”, “salary”, “basic salary” are used interchangeably. Moreover, the
payments in the form of Bonus, Allowances etc. made to the employee are also included within
the meaning of salary.
Under the Income-tax Act, there are certain payments made which are fully taxable, partly
taxable and fully exempt. For Example, wages, salary, bonus, dearness allowance etc. are fully
taxable payments. Whereas monetary benefits in the form of allowances such as House Rent
Allowance, conveyance allowance etc. are partially taxable.
Allowances
Different types of allowances are given to employees by their employers. Generally allowances
are given to employees to meet some particular requirements like house rent, expenses on
uniform, conveyance etc. Under the Income-tax Act, 1961, allowance is taxable on due or
receipt basis, whichever is earlier.
https://commercegurukulca.blogspot.com/2018/09/salaryperquisite-and-profits-in-lieu-of.html
SALARY, PERQUISITE AND PROFITS IN LIEU OF SALARY (SECTION 17)
(1) Meaning of Salary
The meaning of the term ‘salary’ for purposes of income tax is much wider than what is normally
understood. The term ‘salary’ for the purposes of Income-tax Act, 1961 will include both monetary
payments (e.g. basic salary, bonus, commission, allowances etc.) as well as non-monetary facilities
(e.g. housing accommodation, medical facility, interest free loans etc.).
Section 17(1) defined the term “Salary”. It is an inclusive definition and includes monetary as well
as non-monetary items.
Wages
In common parlance, the term “wages” means fixed regular payment earned for work or
services. The words “wages”, “salary”, “basic salary” are used interchangeably. Moreover, the
payments in the form of Bonus, Allowances etc. made to the employee are also included within
the meaning of salary.
Under the Income-tax Act, there are certain payments made which are fully taxable, partly
taxable and fully exempt. For Example, wages, salary, bonus, dearness allowance etc. are fully
taxable payments. Whereas monetary benefits in the form of allowances such as House Rent
Allowance, conveyance allowance etc. are partially taxable.
Allowances
Different types of allowances are given to employees by their employers. Generally allowances
are given to employees to meet some particular requirements like house rent, expenses on
uniform, conveyance etc. Under the Income-tax Act, 1961, allowance is taxable on due or
receipt basis, whichever is earlier.
Index of Current Affairs.pdf
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INTEGRATED GUIDANCE PROGRAM CUM TEST SERIES FOR COMMERCE AND ACCOUNTANCY OPTIONAL- UPSC 2019 Integrated Guidance Program – Program Design cum Test Series. We have divided the entire syllabus into small coverable parts that can be covered in days given in…
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With SAMPLE NOTES on TRAINING
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MUST WATCH🖕 🎖Commerce Optional Guidance Program-Civil Service Gurukul🎖 Complete Guidance Program cum Test Series of Commerce Optional – UPSC 2019 & 2020 2 total views, 2 views today
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VIEW IN TELEGRAM
MUST WATCH🖕
🎖Commerce Optional Guidance Program-Civil Service Gurukul🎖
http://civilservicegurukul.com/complete-guidance-program-cum-test-series-of-commerce-optional-upsc-2019-2020/
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