Salary Income - Difference Provisions
Friday, April 5, 2013
| Sr # | Description | Taxablity | Remarks / Condition / Limit |
| 1 | Utility Allowance | Taxable | Includes water, gas, electricity allowance. |
| 2 | House Rent Allowance | Taxable | |
| 3 | Free accommodation | Taxable | 45% of B. Salary or FMV of rent whichever is higher |
| 4 | Leave Fare Assistance | Taxable | |
| 5 | Salary of domestic servant | Taxable | Includes house keeper, gardener, etc. |
| 6 | Capital Receipt on termination of employment | Taxable | |
| 7 | Tax Paid by the employer - Tax on tax | Taxable | Amount would be grossed up by tax paid by employer. |
| 8 | Interest free / concessional rate Loan | Taxable | Difference between bench mark rate (10%) and rate charged by the employer. |
| Interest free / concessional rate Loan | Not Taxable | a) When amount of loan is upto Rs.500,000/- | |
| b) Employee waives interest on his account with employer | |||
| 9 | Conveyance Allowance | Taxable | |
| 10 | Motor Vehicle | Taxable | Upto 5% of cost / FMV - Partly for Pvt. Use |
| (owned & maintained by employer) | Taxable | Upto 10% of cost / FMV - Wholly for Pvt. Use | |
| 11 | Waiver of loan by the employer | Taxable | |
| 12 | Discharge of debt by the employer | Taxable | |
| 13 | Transfer to assets / Property | Taxable | FMV of asset: Less consideration paid if any. |
| 14 | Employee Share Scheme | ||
| Value of Right / Option | Not Taxable | ||
| Disposal of Right / Option | Taxable | Difference b/w consideration and cost of right / option. | |
| Acquistion of Shares - without Ristriction | Taxable | Difference b/w FMV and cost of right / option. - At the time of acquition | |
| Acquistion of Shares - With Ristriction | Taxable | Difference b/w FMV and cost of right / option. - At the earlier of time of end of restriction or actual disposal of shares. | |
| 15 | Medical Allowance - without medical facility | Taxable | Exempt up10% of Basic salary |
| Medical Allowance - with Reimbursement | Taxable | No exemption | |
| 16 | Medical benefit / Reimbursement (in accordance with the terms of employment) | Exempt if | - NTN of the hospital / clinic is disclosed |
| - The employer certifies and attests the bills | |||
| 17 | Special Allowance | Exempt if | Given to meet expenses in performance of official duties |
| 18 | Employer's contribution to App. Provident Fund | Exempt | Lower of 10% of B.S. + Dearness allowance / Rs.100,000 |
| 19 | Employer's contribution to Non approved PF. | Exempt | and Taxable at the time of receipt of fund amount |
| 20 | Interest on approved provident fund | Exempt | |
| 21 | Gratuity / Superannuation / Communation of Pension - ( Received in Pak. by resident) | On Retirement / Death | |
| Exempt | Received from approved funds | ||
| Exempt | Upto Rs. 200,000/- if received from approved schemes | ||
| Exempt | Lower of 50% of amount received/Rs.75,000 - Other cases | ||
| 20 | Pension | Exempt | Where person does not continue work with same employer or an associate of the employer |
| Exempt | One of highest if received from more than one source. |
Labels: Income Tax, Salary, Salary income
posted @ 10:41 AM,
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At August 12, 2016 at 1:10 PM,
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