5.2 DEFINITION OF “SALARY”, “PERQUISITE” AND “PROFIT IN LIEU OFSALARY” (SECTION 17):
| Click to view Part I Income Tax on Salaries - Circular No. 17/2014 |
| Click to view Part II RATES OF INCOME-TAX AS PER FINANCE (No. 2) ACT, 2014 |
| Click to view Part III Scheme of Tax Deduction at Source from Salaries |
| Click to view Part IV Persons responsible for Deducting Tax and their Duties: |
| Click for Part V & Para 5.1 Computation of Income Tax - Income Chargeable Under the Head Salaries |
i. wages, fees, commissions, perquisites, profits in lieu of, or, in addition to salary, advance of salary, annuity or pension, gratuity, payments in respect of encashment of leave etc.
ii. the portion of the annual accretion to the balance at the credit of the employee participating in a recognized provident fund as consists of {Rule 6 of Part A of the Fourth Schedule of the Act}:
a) contributions made by the employer to the account of the employee in a recognized provident fund in excess of 12% of the salary of the employee,
b) interest credited on the balance to the credit of the employee in so far as it is allowed at a rate exceeding such rate as may be fixed by Central Government.