Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
mallika agrawal
(CA FINAL )
(855 Points)
Replied 05 March 2011
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
if it is taxable on reciept basis, it will not be taxed when becomes due
advance salary means salary recieved in advance
its a loan taken by employee....its not salary....its LOAN
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
place of accrual
salary will be deemed to accrue or arise at a place where services are rendered.
Exception : Govt. employee (citizen of india)
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
Sec. 17 (1) - Meaning of salary
Salry Includes
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 05 March 2011
ab aage ki explanation kl krunga ........sone ka time ho gya...........GOOD NIGGHT CCI......to all members...........
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 06 March 2011
Wages - Same treatment as salary
Annuity -
Paid by present employer.........................Taxable as salary
paid by former employer...........................taxable as profit in lieu of salary
other payments of annuity........................taxable u/h other sources
Bonus - taxable on recipt basis........if recieved in advance, assess can claim relief u/s 89
Fee / Commission - taxable.....only when it is paid/payable by employer to employee
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 06 March 2011
ALLOWANCES
means fixed amount for certain purpose
allowances on the basis of taxability
- HRA
- Notified / specified allowances
- entertainment allowance
- others
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 06 March 2011
HRA
HRA is taxable u/h salary (sec.17) to the extent which it is not exempt u/s 10(13A)
Sec. 10(13A)
HRA is exempt to teh extent of minimum following 3 limits
- actual HRA received
- rent paid - 10% of salary
- 50 % of salary (if house is in DMCK).......DMCK - Delhi Mumbai Chennai Kolkata
or
40 % of salary (in any other city)
Meaning of Salary
- Basic Salary
- DA (only if it is part of payment or as per pterm of employement)
- Commission (only if it is %age of turnover)
Computation
HRA actually recieved......................XXXX
(-) Exempt u/s 10(13A).......................XXX
Added in Gross Salary.....................XXXX
CAclubindia
