Ganesh iyer (C.A M.com B.com(accounting and finance) ncfm) (75 Points)
20 September 2010under which head is prime minister's salary taxed n does the president recieve any salary???
CA Parth Jain
(CA)
(185 Points)
Replied 20 September 2010
In my opinion PM salary must b chrged under d head Business & Profession,since der is no employer- employee relation-sheep......other income in relation to bribe and etc if ever rec thn it MUST b surrender to Indian Govt...
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 20 September 2010
PM Salary Taxable Under Other Sources.
CA Raman Goel
(CA)
(602 Points)
Replied 20 September 2010
PM salary taxed under the head other sources
but generally it below the exemption limit because many non-monetary perquisites(aprox 100 time of salary )attached with it.
Joey Tribbiani
(fdg)
(2010 Points)
Replied 20 September 2010
| Originally posted by : Raman Goel | ||
 |
PM salary taxed under the head other sources but generally it below the exemption limit because many non-monetary perquisites(aprox 100 time of salary )attached with it. |
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Basic Salary is 1.25 lakh,
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 21 September 2010
HI GANESH,
U CAN COMPARE PRIME MINISTER OF THE COUNTRY JUST LIKE AS DIRECTOR OF ANY COMAPNY. THEY ARE NOT THE EMPLOYEE OF THE COMPANY BUT THEY ARE THE REPRESENTIVES OF THE SHAREHOLDERS OF THE COMPANY. JUST LIKE THEM, PRIME MINISTE IS A REPRESENTATIVE ON BEHALF OF INDIAN CITIZENS.
IF THE DIRECTOR IS A WHOLE TIME DIRETOR THEY WOULD GET A SALARY FOR RENDEREING THAT SERVICES APART FROM BOARD SITTING FEES. A PRIME MINISTER IS JUST LIKE AS WHOLE TIME DIRECTOR OF THE COMPANY AND HENCE INCOME RECEIVED BY THE PRIM MINISTER WOULD BE GET TAXED UNDER THE HEAD INCOME FROM SALARIES.
REGARDS,
MANOJ
mandeep saini
(CA )
(122 Points)
Replied 21 September 2010
| Originally posted by : AYUSH AGRAWAL | ||
|
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PM Salary Taxable Under Other Sources. |
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CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 21 September 2010
As rightly said by my friends above, PM salary is taxable under IFOS, coz, there is no employer-employee relatioship. He is not related in anyway to the government. CBDT has issued a circular on the same
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 22 September 2010
| Originally posted by : CA.G.Muguntha Narayanan | ||
|
|
As rightly said by my friends above, PM salary is taxable under IFOS, coz, there is no employer-employee relatioship. He is not related in anyway to the government. CBDT has issued a circular on the same |
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DO U HAVE THAT CIRCULAR....
I AM SEARCHING FOR SAME
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 22 September 2010
Dear Ayush,
i could not get the CIrcular No. from T.N.Manoharan Sir's book. But definitely, its taxable under IFOS. I have read in an article also. But there too, they have not mentioned the circular no
Valli
(asst. manager)
(30 Points)
Replied 22 September 2010
hi Narayan ,
i read the salary of MP's and its tax treatment in SINGHANIA'S DIRECT TAXES BOOK , i will search for that
i think there s no difference between MP and PM 's salary... can u explan me
siddhesh
(1)
(22 Points)
Replied 23 September 2010
i think it will be chargeble under the head salary as their exist employer employee relationship we can consider country as employer and pm as employee.sid bora
radhika rawat
(student)
(93 Points)
Replied 23 September 2010
PM's salary is taxable under the head other sources as there is no employer - employee relationship
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