Salaries
This query is : Resolved
04 December 2012
What is mean by monetry income and non-monetry income... If it possible means please explain with example.
04 December 2012
Monetary Income means the benefits which are received in monetary terms -by way of cash or cheque. Allowances, if are not exempt form part of monetary income.
.
Whereas Non Monetary income includes taxable perquisites .
.
Certain Facilities provided by the employer are taxable -For Example- Rent Free House.
.
.
Whereas Non Monetary income includes taxable perquisites .
.
Certain Facilities provided by the employer are taxable -For Example- Rent Free House.
.
05 December 2012
Monetary income means income earned in the form of cash.
Non-monetary income means income earned in a form other than cash.
For eg.
Salary paid in cash is monetary income.
Rent free accommodation, motor car, etc are non-monetary income.
Non-monetary income means income earned in a form other than cash.
For eg.
Salary paid in cash is monetary income.
Rent free accommodation, motor car, etc are non-monetary income.
05 December 2012
Thank you sir. I have one more question?
1) A is going to calculate return of his income, his son is getting gift 50000/- from his friend . But it is deposit A's bank accounts. How to calculate A's return. Because 50000 is A's son income. . . .
1) A is going to calculate return of his income, his son is getting gift 50000/- from his friend . But it is deposit A's bank accounts. How to calculate A's return. Because 50000 is A's son income. . . .
06 December 2012
1. A should transfer the sum to his son's account, preferably through a cheque.
2. The amount will be shown in the return of the son and not the father.
2. The amount will be shown in the return of the son and not the father.
06 December 2012
Yeah thank U sir.... Got it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 270A penalty
- GST Registration Application -Rejected
- GSTR 1- Amend Credit Note
- GSTR 9C- Table 9
- International transfer pricing- -> father entity vs son entity ->WHERE NO mutual say in management
- Tax liability on gift amount given to blood relation
- Form 104 stamp paper deed
- Reimbursement of expense- GST applicable or not
- Acting as an Agent
- Query on solved queries
- Problem in filing Returns for International workers in EPFO
- Clarification for reversal of IGST on transfer of duty-free imported goods from EOU to DTA unit
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Revision under Section 264 in The Income Tax Act, 1961
- TDS under section 195.
Trending Online Classes
-
Live Course on GSTR 9 & 9C for FY 24-25(Detailed discussions, FAQ, Case studies and Live demo of GSTR 9/9C on GST Portal)
Industry Expert16 November 2025
CAclubindia
