In my salary slip i find two columns Earnings & Deductions. Totalling which my net pay comes.My earnings comprises of basic,da,bonus,travelling allowance etc.. & my deductions comprises PF contribution,professional tax. My querry is what amount should i take as Income from salaries , is it net pay or the earnings alone.
1 Replies
AVIJIT
(CA FINALIST)
(370 Points)
Replied 05 March 2011
Your income will be the earnings. However you will deductions under various heads for Travelling Allowance,PF contribution, Professional tax etc upto certain limits and the net Result will become your Income from Salary.
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