Guide to .. Tax Management ,Tax Planning and Tax Saving

CONTENT : Income Under the Head "Salary" [Section 15-17]

Salary-Definition & Meaning

1. Computation of Salary Income

2. Definition of Word ‘Salary’ [ Section 17(1)]

3. Section-15 : List of Incomes Chargeable to Income Tax under the head ‘ SALARIES’

4. Important Points / Characteristics for Computing Salary Income

Provident Fund

5. Treatment of Provident Funds (PF) for Computing Salary Income

6. Taxable Portion of annual accretion to RPF [Section 17(1)(vii)]. for Computing Salary Income

7. Transferred Balance from URPF to RPF [Section 17(1)(vii] for Computing Salary Income

8. Refund from Provident Fund [Section 17(3)(ii)] for Computing Salary Income

9. New Pension Scheme [ NPS] for Central Government and other Employees joining new jobs on or after 1-1-2004 for Computing Salary Income
Allowance [ Section 17(3)]

10. Allowance [ Section 17(3)] – for Computing ‘Salary’ Income

11. Fully Exempted Allowances for Computing ‘Salary’ Income

12. Fully Taxable Allowances for Computing ‘Salary’ Income

13. House Rent Allowance (HRA) for Computing ‘Salary’ Income

14. Allowances covered u/s 10 (14) for Computing ‘Salary’ Income

15. Meaning Of Salary For Different Purposes
PERQUISITES [Section 17(2)]

16. Meaning and Types of Perquisites [ Section 17(2)]

17. Taxability of Perquisites for Computing Salary Income

18. Perks Exempted From Tax for all Employees and not added in Salary Income

19. Rent Free House [Section 17(2)(i) Rule 3(1)]

20. Rules Regarding Calculation Of Value Of Rent Free House

21. Valuation Of Rent Free Accomodation (Unfurnished & Furnished)

22. Valuation of Rent Free Accommodation Provided as Concessional Rent [Sec. 17(2)ii)]

23. Obligation of Employee of Rent Free House met by Employer [Section 17(2)(iv)]

24. Sum payable by the Employer directly or through a fund to effect an assurance / an annuity [Section 17(2)(v)]

25. Any specified security or sweat equity shares allotted or transferred to employee [Section 17(2)(vi)] [ w.e.f. 1-4-2009]

26. Contribution to an Approved Superannuation Fund by the Employer [Sec. 17(2)(vii)]

27. Interest free or Concessional loan from employer [Rule 3(7)(i)]

28. Valuation of Perk in respect of Travelling, Touring, Accommodation

29. Food or Beverages Facility by Employer to Employee

30. Valuation of Perquisite in respect of Gift Voucher or Token

31. Valuation of Perquisite in respect of Credit Card

32. Valuation of Perquisite in respect of Club Facility

33. Use of Moveable Assets by Employer to Employee

34. Transfer Of Moveable Assets to the employee

35. Meaning of Specified Employee for Taxable Perquisites [Section 17(2)(iii) Rule 3]

36. Valuation of Perquisite of Motor Car or any Other Automotive Conveyance [Rule 3(2)]

37. Perquisite of Free domestic servants [Rule 3(3)]

38. Perquisite in respect of free supply of gas, electric energy, water supply [Rule 3(4)]

39. Free Educational Facilities to Children of Employee’s Household [Rule 3(5)]

40. Facility of Free or Concessional Private Journey to an employee by the employer engaged in the carriage of passengers or goods [Rule 3(6)]

41. Receipts treated as Profit in Lieu of Salary [ Section 17(3)]

42. Leave Travel Concessional (LTC) Assistance [Section 10(5)]

43. Death-Cum-Retirement Gratuity [Section 10(10)]

44. Non-Government employees receiving gratuity under payment of Gratuity Act, 1972 [POGA]

45. Non-Government Employees receiving gratuity (Not covered under payment of Gratuity Act)

46. PENSION [Monthly and Commuted] for Computing Salary Income

47. Leave Encashment [Section 10(10AA)] for Computing Salary Income

48. Any amount received as compensation on termination of employment [Section-10B]

49. Any amount received on voluntary retirement [Section 10(10C)]

50. Payment received from Recognised Provident Fund [Section 10(12)]

51. Any payment from Superannuation Fund [Section 10(13)]


52. Entertainment Allowance to Government Employees [Section-16(ii)]

52A. Tax on Employment Under Section - 16(iii)


53. Section - 80C : Deductions from Gross Total Income (GTI) in case of Individual and HUF

54. Qualifying Amount ( Q.A.) for Deduction U/s 80C


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