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Exempt income. Exemption Limit. | 10(13A)read House rent|Least of the following is exempt: with Rule 2A allowance a) Actual HRA Received b) 40% of Salary c) Rent paid minus 10% of salary. * Salary = Basic + DA + Turnover based. Commission. Note: I. Fully taxable, if HRA is received by an employee who is living in his
Aug 11, 2010 Salary. Chapter IV-A of Income Tax Act 1961. Relationship of the receiver with payer. EMPLOYER- employee relationship must exist. Salary To Partners. Charging Section Section 15. Receipt or DUE basis whichever is earlier. Method Of Computation of Salary Section 17. 1. Basic Pay = XXX. 2. Allowances
Income from Salaries. 4.4 of employment. Usually, such compensation is treated as a capital receipt. However, by virtue of this provision, the same is treated as a revenue receipt and is chargeable as salary. Note: It is to be noted that merely because a payment is made by an employer to a person who is his employee does
Deductions from gross total income. UNIT – II Introduction of Income Tax: Meaning, features and contribution to public revenue. Important definition-income, gross total income, total UNIT – III Computation and taxable income from salary head. UNIT – IV .. Interest accrued on promissory notes executed for arrears of rent.
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Place of Employment. • What is Taxable under Head Salaries (Section 15). • Allowances. • Leave Salary, Gratuity, Pension, Bonus, Advance. Salary, Arrears of Salary. • Perquisites and its valuation. • House Rent Allowance. • Deductions from Salaries (Section 16). • Profits in lieu of Salary. 2. Chapter 4 : Income from Salaries
Any Salary paid in advance is assessed in the year of payment the same cannot be brought to tax in the year in which it becomes due. Salary already assessed on due basis cannot be brought to tax when received by the employee. • NOTE : Loan taken from employer if subsequently recovered from salary is not taxable in
employer at or in connection with the modification of the terms and conditions of employment. Usually, such compensation is treated as a capital receipt. However, by virtue of this provision, the same is treated as a revenue receipt and is chargeable as salary. Note: It is to be noted that merely because a payment is made by
Apr 28, 2014 Income of a person is classified into 5 categories. Thus, income belonging to a particular category is taxed under a separate head of income pertaining to that category. Section 14 of the Act, has classified five different heads of income for the purpose of computation of total income.All income shall be
Jul 6, 2014 Gift voucher [See Note 6 below]. 10,000. Salary income chargeable to tax. 3,78,464. Notes: 1. It has been assumed that dearness allowance forms part of salary for retirement benefits and accordingly, the perquisite value of rent-free accommodation and employer's contribution to recognized provident fund

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March 2018