Income From Salary
Income From Salary (Before Retirement)- Income Tax
Description
Meaning of Income from Salary
{Basis of Charges} Section – 15
Computation of Income from Salary
DEDUCTION FROM GROSS SALARY U/S 16
For Different Purpose Salary Means
Meaning of Allowances
Types of Allowances :
1. Fully Taxable Allowances (20)
2. Partly Exempted Allowances
(A) House Rent Allowances
(B) Allowances for duty Performance
(C) Allowances exempt up to specified limit
3. Fully Exempted Allowances (3)
FULLY TAXABLE ALLOWANCES :
1. Dearness Allowance or dearness pay
2. Medical allowance
3. Servant allowance
4. Non practicing allowance
5. Warden allowance
6. Procter allowance
7. Over time allowance
8. City compensatory allowance
9. Family allowance or marriage allowance
10. Project Allowance
11. Deputation allowance
12. Lunch allowance or Tiffin allowance
13. Dog allowance
14. Entertainment allowance
15. Special allowance
16. Rural allowance
17. Telephone allowance
18. Transport allowance
and other Allowances
Partly Exempted Allowances
(1) House Rent Allowances
(2) Allowances for duty Performance
(3) Allowances exempt up to specified limit
Provident Fund : Contents
1. A fixed amount deducted out of salary
2. To secure the future
3. Motivation to little saving
4. Amount return on retirement or death
5. Amount used by government to the development of country
6. Provident fund contribution goes to finance ministry (provident fund commissioner)
Meaning and kinds of Provident Fund
Kinds of Provident fund :
(i) Statutory/Govt. Provident Fun
(ii) Recognized Provident Fund
(iii) Un Recognized Provident Fund
(iv) Public Provident Fund
Provisions relating to Provident Fund
Meaning of Perquisites
Classification of Perquisites
1. Perquisites taxable in the hands of all employee
2. Perquisites taxable in the hands of specified employee = 5 points
3. Perquisites exempt/ tax free for all employee = 18 points
Grading :
Meaning of Grading
Specified Employee
What You Will Learn!
- Meaning of Income from Salary
- Format of Computation of Income from Salary
- DEDUCTION FROM GROSS SALARY U/S 16
- Meaning of Allowances
- Types of Allowances
- FULLY TAXABLE ALLOWANCES
- Partly Exempted Allowances - House Rent Allowances u/s 10 (13A)
- FULLY EXEMPTED ALLOWANCES
- Meaning and kinds of Provident Fund
- Provisions relating to Provident Fund
- Meaning of Perquisites
- Classification of Perquisites
Who Should Attend!
- Any Student who pursuing in B,com M,com BBA MBA 11th & 12th Commerce C.A. C.S. and C.M.A.