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rohit

rohit (Querist)
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24 May 2012 PLEASE EXPLAIN FOLLOWING TERMS

1. NOTICE PAY
2. GRADE PAY
3. TAX HOLIDAY

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 May 2012 1. Notice pay is the amount of payment to be made if the notice period for leaving the job is less than the agreed period.

2. Companies make grades of salary for its employees which is known as grade pay.

3. Income Tax Act provides deductions for certain business for some years during which the assessee is not required to pay tax or pay tax at lower rate.
this period is known as tax holiday.

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