In my salary slip i find two columns Earnings & Deductions. Totalling which my net pay comes.My earnings comprises of basic,da,bonus,travelling allowance etc.. & my deductions comprises PF contribution,professional tax. My querry is what amount should i take as Income from salaries , is it net pay or the earnings alone.
Your income will be the earnings. However you will deductions under various heads for Travelling Allowance,PF contribution, Professional tax etc upto certain limits and the net Result will become your Income from Salary.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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