02 December 2009
1.please explain who r the employees of statuory corporation and local authority with examples.
2. in entertainment allowance if any amount is reimbursed against any expenditure of guest of customers than it shall be fully exempted................please explain this clause i am not getting it
3. Income from salary xxxx
Add: income by way of allowances xxxx
Add: taxable value of perquisites xxxx
_______
Gross salary xxxx
_______
please tell me what is the meaning of income from salary here..........does salary includes basic ,da and commision? please tell me with examples
02 December 2009
Hi Anuj, 1. Statutiry corporations are formed under special Statute e.g. RBI, LIC, UTI etc. and local authority e.g. is BMC. 2. When we say allowance, it is a fixed monthly amount received by the employee irrespective of amount spent by him. it is added to salary and is exempt to the extent mentioned u/s 16(ii) 3. for the detailed meaning of salary, refer to sec. 17(1). Regards, CA Shakuntala Chhangani
CAclubindia
