Profit in lieu of salary u/s 17(3)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2012
Our Company is paying Incentive to our Managing Director. Please confirm whether this should be shown under Profit Lieu of Salary U/s 17(3) and include in form 12BA OR this should be shown under section 17(1) part of salary.
Our Company is paying Incentive to our Managing Director. Please confirm whether this should be shown under Profit Lieu of Salary U/s 17(3) and include in form 12BA OR this should be shown under section 17(1) part of salary.
18 June 2012
Incentives form part of salary u/s 17(1). It can never be termed as 'profits' in lieu of salary.
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