KNOW WHAT INCLUDE IN YOUR SALARY

KNOW WHAT INCLUDE IN YOUR SALARY

THE TERM SALARY IS VERY WIDE. IT INCLUDE MONETARY AS WELL AS NON MONETARY ITEMS

FOR THE PURPOSE OF CALCULATING INCOME UNDER HEAD SALARY AS DEFINED UNDER SECTION 17 OF INCOME TAX ACT, 1961, FOLLOWING INCLUDE IN THE SALARY

1. WAGES
2. ANY ANNUITY OR PENSION
3. ANY GRATUITY
4. ANY FEES, COMMISSION, PERQUISITE OR PROFITS IN LIEU OF OR IN ADDITION TO ANY SALARY OR WAGES
5. ANY ADVANCE OF SALARY
6. ANY PAYMENT RECEIVED IN RESPECT OF ANY PERIOD OF LEAVE NOT AVAILED BY HIM I.E. LEAVE SALARY OR LEAVE ENCASHMENT
7. THE PORTION OF THE ANNUAL ACCRETION IN ANY PREVIOUS YEAR TO THE BALANCE AT THE CREDIT OF AN EMPLOYEE PARTICIPATING IN A RECOGNIZED PROVIDENT FUND TO THE EXTENT IT IS TAXABLE AND
8. TRANSFERRED BALANCE IN RECOGNIZED PROVIDENT FUND TO THE EXTENT IT IS TAXABLE
9. THE CONTRIBUTION MADE BY CENTRAL GOVERNMENT OR ANY OTHER EMPLOYER IN THE PREVIOUS YEAR TO THE ACCOUNT OF AN EMPLOYEE UNDER PENSION SCHEME REFERRED TO IN THE SECTION 80CCD

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