Salaries head

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20 October 2011 what is the difference between the specified employees and non-specified employees?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 October 2011 A ‘Specified employee’ is the one who satisfies any of the following cases:

he is a director of the company,

he has a substantial interest in the company, ie he is the beneficial owner of equity shares carrying 20% of voting power in the employer company.

his monetary income under the head "Salaries" for the year exceeds 24,000. The amount considered here includes amounts due from, paid or allowed by one or more employers. It excludes all non-monetary benefits. Also, deductions in respect of monetary payments exempt from income tax, standard deduction, deduction for educational allowance and deduction on account of professional tax will be allowed for this purpose.

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2011 what is the total amount of salary to be received including all taxable perquisties and monetary payments for the purpose of a specified employee?

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