~~with focus on tax education~~

Salary - Definition

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Any amount received by an employee other than an amount exempt from tax, in a tax year from employment, whether the amount is in a capital or revenue nature, including arrears or amount received in advance, shall be chargeable under the head salary. Salary shall include:

i) any pay, wages or other remuneration including leave pay, overtime, bonus, commission, fees, gratuity, work condition supplements (such as for the un pleasant or dangerous working conditions);

ii) any perquisite whether convertible into money or not;

iii) any allowance provided to employee including cost of living, rent, utilities, education, entertainment, traveling etc. excluding allowance solely expended in the performance of duties of employment;

iv) any personal expenditure reimbursed by employer;

v) consideration received for entering into an employment agreement or for agreement to any condition of employment or changes to the employment conditions.

vi) amount received on the termination of employment.

vii) amount received from provident fund except for a contribution made by the employee in respect of which the employee was not entitled to a deduction.

viii) Consideration received for an employee’s agreement to a restrictive condition in respect of past, present or prospective employment;

ix) any pension or annuity or any supplement to a pension or annuity received / receivable from employer;

x) any amount of gain earned by employee on the issue of shares or on the disposal of any right or option to acquire shares under “Employee Share Scheme”;

xi) amount of tax chargeable on employee’s salary and paid by employer.

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posted @ 11:55 AM,


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