Income from salary
This query is : Resolved
14 July 2012
allowance addtion with salary is also profit in liue of salary ?yes or no ?
15 July 2012
Allowances are always given in addition to the salary and the same are taxable as taxable allowances.
.
Profit in lieu of salary generally does not include regular allowances.
.
The following may be considered as profit in lieu of salary-
1. Compensation receivable on termination or modification of the terms of employment.
2. Lump Sum Amount receivable on joining or cessation of the employment.
.
.
Profit in lieu of salary generally does not include regular allowances.
.
The following may be considered as profit in lieu of salary-
1. Compensation receivable on termination or modification of the terms of employment.
2. Lump Sum Amount receivable on joining or cessation of the employment.
.
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