Please expalin the following terms
Specified employee and non specified employee as described under the salary head..........
Please expalin the following terms
Specified employee and non specified employee as described under the salary head..........
Who is a ‘specified employee’?
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 Rs.50,000. 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.
Dear Friend......
Specified Employee :
1) Director (Employee)
2) who has substantial interest in the co.
3) Whose monetary (cash) emoluments exceeds Rs.50000/- after ded u/s 16....
Non - Specified Employee : Other than specified employee.........
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