Salaries

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SUNDARAM.V.V

SUNDARAM.V.V (Querist)
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04 December 2012 What is mean by monetry income and non-monetry income... If it possible means please explain with example.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.
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Whereas Non Monetary income includes taxable perquisites .
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Certain Facilities provided by the employer are taxable -For Example- Rent Free House.
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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

SUNDARAM.V.V

SUNDARAM.V.V (Querist)
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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. . . .

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

SUNDARAM.V.V

SUNDARAM.V.V (Querist)
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06 December 2012 Yeah thank U sir.... Got it.

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