What is the definition of Salary as per Income Tax Act?
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In simple words, any amount paid by an employer to his employees in lieu of services rendered by them is called salary. Although As per Sec 17(1) of Income Tax Act 1961, Salary Include following payments a) Wages b) Annuity or pension c) Any Gratuity d) Any fees, commission, perquisite, or profits iRead more
In simple words, any amount paid by an employer to his employees in lieu of services rendered by them is called salary. Although As per Sec 17(1) of Income Tax Act 1961, Salary Include following payments
See lessa) Wages
b) Annuity or pension
c) Any Gratuity
d) Any fees, commission, perquisite, or profits in lieu of or in addition to any salary or wages
e) Any Advance of Salary
f) Leave Encashment
g) Employers contribution to the provident fund in excess of 12% of Salary
h) The contribution by the central government or any other employer in the previous year to the account of an employee under a pension scheme u/s 80CCD