Tuesday, 15 January 2019

What are all the Income under the head Salaries in the case of an Salaried Employee (Section 17 of the Income Tax Act 1961) ?

What are all the Income under the head Salaries in the case of an Salaried Employee (Section 17 of the Income Tax Act 1961) ?

  • Wages,  fees,  commissions, perquisites, profits in lieu of, or, in addition to salary, advance  of salary, annuity or pension, gratuity,  payments in respect  of  encashment of leave etc.
  • Contributions  made by the employer to the account of the employee in a recognized provident fund     in       excess   of   12%   of the salary of the employee, and interest thereof.
  • The contribution made by the Central Government or any other employer to the account  of  the  employee  under  the  New  Pension  Scheme
  • What are all perquisites that subjected to income tax?
  • The value of rent free accommodation or rent.
  • The  amount  of  any  contribution  to  an  approved  superannuation  fund  by  the employer in respect of the assessee, to the extent it exceeds one lakh and fifty thousand rupees
  • Perquisite on Motor car provided by the Employer
  • The value of free service provided by the employer in the form of Personal Attendants etc.
  • Gas, Electricity and water for household consumption
  • Free or concessional Education
  • Interest free concessional loans
  • Travelling and accomodation Expenses paid by Employer for any holiday availed by employee
  • Membership fee, Club expenditure etc
  • Any Gifts or transfer of Assets
  • Medical reimbursement by the employer subject to certain conditions

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