Wednesday, 2 July 2014

WHAT DOES “SALARY” INCLUDE

Section 17(1) of the Income tax Act gives an inclusive and not exhaustive definition of “Salaries” including therein

(i) Wages
(ii) Annuity or pension
(iii) Gratuity
(iv) Fees, Commission, perquisites or profits in lieu of salary
(v) Advance of Salary
(vi) Amount transferred from unrecognized provident fund to recognized provident fund
(vii) Contribution of employer to a Recognised Provident Fund in excess of the prescribed limit
(viii) Leave Encashment
(ix) Compensation as a result of variation in Service contract etc.
(x) Contribution made by the Central

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