Income Tax Definition Of Salary
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The income tax regulations allow individuals to derive income from five sources viz.
Income tax definition of salary. Salary as per income tax is taxable on due or receipt basis which ever is earlier. 2 act 2004 the contribution made by the central government in the previous year to the account of an employee under the pension scheme in terms of section 8occd would be added to the total salary income of the employee and tax deductible up to 10 of salary. This is a minimal percentage. The above definition of word salary u s 17 1 includes the above mentioned items.
The definition as to what constitutes salary is very wide. Definition of salary income tax. As already discussed earlier it is an inclusive definition and includes monetary as well as non. Income tax is a certain percentage of your income that you have to pay regularly to the.
Income from salary income from business or property income from capital gains income from house property and income from other sources. This is the reason companies don t put basic higher than 40 50 of ctc. As per the finance no. Income tax is used to fund public services pay government.
As it is a component of total salary it is taxable. Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. These can be explained in following manner. Lavish dey income tax february 27 2016.
It may be received under the name of pay basic pay salary basic salary or remuneration. What does salary include. Income tax liability comes when employee receive the advance salary. The term salary has been defined differently for different purposes in the act.
Section 17 1 of the income tax act gives an inclusive and not exhaustive definition of salaries including therein i wages ii annuity or pension iii gratuity iv fees commission perquisites or profits in lieu of salary v advance of salary vi amount transferred from unrecognized provident fund to recognized provident fund vii contribution. Definition of salary. Wages any amount received by a person for work done or job rendered is called wages. Same way if employee receive advance salary then income tax need to be paid on the basis of receipt i e.
Income tax is calculated based on the total take home amount and not just basic.
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