*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)
10 January 2012
Salary :-
Any person employed gets compensated by way of remuneration for services rendered. This is called ‘Salary’.
It is received in cash or in kind – by way of amenities, benefits, perquisites.
Sec.15:
Due or receipt whichever falls earlier:
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
Specified Employee
• He is a director of a company, or
• He holds 20% or more of equity voting power in the company,
• Monetary salary in excess of 50,000
Sasanka Bhalaki
(Student)
(1935 Points)
Replied 10 January 2012
Salary is treated only when there is employer and employee relationship between person who gives and who receives.
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
HOUSE RENT ALLOWANCE
Least of the amount will be exempt :
• HRA received.
• 50 % of salary and 40 % for cities other than metro cities.
• Rent paid is more than 10% of salary.
Salary for HRA= Basic Pay + DA(considered for retirement benefits) + Commission ( if received as a fixed percentage on turnover as per terms of employment)
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
OTHER ALLOWANCES
Allowances Exemption
Education Allowance 100 p.m.per childupto2children
Hostel Expenditure Allowance 300 p.m.per child upto 2 children
Transportation Allowance (a) 70% of the amount received, or
(b) Rs10,000 p.m.
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
GRATUITY
Exemption u/s 10(10)(ii)
Least of the followings:
(i) Actual amount received xxx
(ii) 15/26 × Last drawn salary × No. of years of completed xxx
service or part thereof in excess of 6 months
(iii) Maximum Limit 10 Lakh
Note: Salary = Basic Pay + Dearness Allowance in case of covered under gratuity act while in other case commission will also be included when it is given on fixed % of the turnover. And in both case salary will be taken of average salary drawn during last10 months .
Sasanka Bhalaki
(Student)
(1935 Points)
Replied 10 January 2012
Any salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as “salary” for the purposes of this section
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
PENSION
Sasanka Bhalaki
(Student)
(1935 Points)
Replied 10 January 2012
LEAVE ENCASHMENT
Leave encashment is the salary received by an individual for leave period. It is a chargeable income whether he is a government employee or not. Under section 10(10AA) (i) there is also a provision of exemption in case of leave encashment depending upon whether he is a government employee or other employees.
Sasanka Bhalaki
(Student)
(1935 Points)
Replied 10 January 2012
WHAT IS PERQUISITE?
Under section 17(2) of Income Tax Act, 1961 perquisite is defined as:
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 10 January 2012
thank u very much renu
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
For govt employee _ Licence fee paid by him
For non-govt employee :-
Population exceeds 25 lakhs 15% of salary
Population from 10- 25 lakhs 10% of salary.
Population less than 10 lakhs 7.5 % of the salary
In case of hotel stay more than 15days 24% of the salary
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 10 January 2012
CAclubindia
