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Discussion > Income Tax > Tax queries >

salary

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[ Scorecard : 2212]
Posted On 27 June 2010 at 10:43 Report Abuse

Gross Salary              
Salary as per provision contained in section 17(1)  Rs.    2,482,655    
Value of perquisites under section 17(2) (as per Form No. 12BA, wherever applicable)        
 Rs.       184,999    
Profits in lieu of salary under section 17(3) (as per Form No. 12BA, wherever applicable)        
 Rs.                   -      
Total              Rs.        2,667,654

question is can any body explain me detail abt above 3 concepts


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[ Scorecard : 63]
Posted On 27 June 2010 at 11:10

Gross salary includes perks & profits in liuw of salry-

salary as per prov contained in sec 17(1) is inclusive of employess contribution to pf and is the gross amt the company pays to an employee,exclusive of perks and inclusive of taxable value of all allowances.

perks are the money value of amenities which the company incurs towards a particular emp-

ex- rent free accomodation,providing of car etc.

 profits in lieu of salary

Following Items are Included in this Category

*     Compensation: By virtue of Sec. 17(3) (i), any compensation due to or received by an employee from his employer or former employer at or in connection with the termination of his employment or modification in terms of his employment is taxable as profit in lieu of salary.

Other Payments

Any payment in the form of:

*       Gratuity

*       Commuted value of pension

*       Retrenchment compensation

*       House rent allowance   

Received or due to be received to the extent which is not exempt, and which it does not consist of contribution made by the employee, or interest thereon, is taxable as profits in lieu of salary.

*       Keyman Insurance Policy: Surrender value of the policy endorsed in favor of the employee, or the sum received by him at the time of retirement, will be taxable as profit in lieu of salary.

*       Lump-sum Incentives:

       Any amount due or received:

*       before joining employment or

*       After leaving employment, it is Taxable as profit in lieu of salary.

 

TO SUMMARISE PERKS AND PRIFIT IN LIEU OF SALARY ARE THE CONSTITUENTS OF GROSS SALARY.




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