Income From Salaries Notes-: Hello dear students, We are going to tell you of income tax. Income tax is a direct tax which is in that first of all, We will tell you of income from salaries. There are separate sections in the Income Tax Act for computing the taxable income under each head, which is as under :
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“Income From Salaries Notes”, in today’s post, we are sharing the Income From Salaries Notes with you. In such a situation, we hope that this Rules of Noun will be helpful for their preparation. Friends, you can Download these notes down through the Download button.
- Salaries – Sections 15 to 17
- INCOME FROM HOUSE PROPERTY – Sections 22 to 27
- PROFITS AND GAINS OF BUSINESS OR PROFESSION -Sections 28 to 44
- CAPITAL GAINS – Sections 45 to 55
- INCOME FROM OTHER SOURCES – Sections 56 to 59.
Salaries Income From Salaries Notes
Any remuneration paid by an employer to his employee in consideration of his services is called salary . in other words, any salaries are incomes so these are taxable under the head salaries.
place of accrual of salary [sec.9(1)(ii)]
- If any income taxable under the head ‘Salaries’ is earned in India, itis applied to accrue or arise in India.
- If a person employed in India goes on leave outside the country and draws his salary for the leave period there, the leave salary shall be deemed to have been earned in India.
- If a person, after having served in India, retires from services and settles outside in India, the pension drawn by him in the foreign country will be deemed to have been earned in India and will be treated as Indian Income.
In the case of a citizen of India, who is a Government employee and is transferred to one of its offices outside India, will be liable to pay tax to the Indian Government on his salary which he earns and receives outside India. Allowances and perquisites received by him in the foreign country from the Indian Government are exempt from tax. SOME IMPORTANT POINTS REGARDING SALARIES
- Foreign salary and pension
- The relationship between employer and employee
- Salaries and professional income
- Receipts from the person other than the employer
- Payment made by cessation of employment
- Payments made to the employee or to the widow or legal heirs
- Tax-free salary
- Deductions by employer
- Salary of a member of parliament
- Salary of a partner
- Salary grade or scale of pay
Basic Salary + Allowances + Perquisites + Profits in lieu of Salary = Gross Salary – Less (Deductions u/s 16) = Taxable Salary
ALLOWANCES Income From Salaries Notes
Allowances describe that payments in cash made by the employer to his employees monthly. other than salary, is called an allowance.
From Income Tax point of view, there are three types of such allowances which are as under :
- A. Taxable Allowances
- B. Allowances Exempt up to specified Limit
- C. Fully Exempted Allowances.
A. Taxable Allowances-
There are many points of taxable allowances which have been discussing given below- Dearness Allowance and Dearness pay – D.A. as per terms of employment, when dearness allowance is given as per terms of employment then it is also treated as part of a basic salary. And D.P. is a part of a basic salary. And other taxable allowances like that City Compensatory Allowance, Fixed Medical Allowance, Servant Allowance, Hill Allowance, Warden Allowance, Deputation Allowance, Overtime Allowance. these are fully taxable allowances.
B. Allowances Exempt up to specified Limit-
Income From Salaries Like that, HOUSE RENT ALLOWANCES, ENTERTAINMENT ALLOWANCES, SPECIAL ALLOWANCE FOR MEETING CERTAIN EXPENDITURE – There are exempt up to the specified limit:
- special allowance exclusively to be incurred in the performance of the duties of his office – Travelling Allowance, Daily Allowance, Conveyance Allowance, Helper Allowance, Academic Allowance, Uniform Allowance.
- Special Allowance to meet the personal expenses- The Central Government has notified the following allowances as exempt u/s 10(14)(ii):
- special Hill compensatory allowance, high altitude allowance, Uncongenial Climate Allowance, Snow Bound Area Allowance. (2) Border Area Allowance or Remote Locality Allowance, disturbed area allowances.
- Any Allowance granted to an employee working in any transport system [ exe
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