Salaries
This query is : Resolved
SUNDARAM.V.V
(Querist)
04 December 2012
What is mean by monetry income and non-monetry income... If it possible means please explain with example.
CA PARAS BAFNA
(Expert)
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.
SUNDARAM.V.V
(Querist)
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.
SUNDARAM.V.V
(Querist)
06 December 2012
Yeah thank U sir.... Got it.
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