Add up Salary, Allowances (to the extent taxable), Perquisites (as valued) Minus Standard Deduction (which is Rs.50,000 for Financial Year 2019-20) Minus Tax on Employment (it is prevalent in some states) This is my salary income
The general rule Salary and all allowances I get are taxable. The exception or exemption rule Some exceptions to taxability are specifically given. If I strictly meet those conditions, I get a benefit or some exemptions from everything being taxed in my allowances. Common ones are: House Rent Allowance I get a benefit or reduction …
Salary in normal terms is what my employer pays me every month being salary, allowances and perquisites in cash. Allowances take several forms, such as House Rent Allowance, Dearness Allowance, Medical Allowance to name a few. It also covers my daily wages if I am a daily wage worker. It includes my pension from Government …
Salary includes and covers any and every benefit I get from my employer due to my employment.
The objective of this module is to dwelve into: What is salary What is included under the income head salary What is taxed or not taxed in salary How to compute of salary income What is not included in salary How do I know my salary
Variety Interest All interest incomes, whether it be on my saving bank, my fixed deposits, my debentures, or any other investments such as in Post Office schemes are included here. There are some freebies, which I will see in ‘Deductions’ module.
If someone (except family) gifts me any money or even an asset, I don’t count this as income so far as total gifts received in a year don’t cross Rs.50,000. Gifts over such amount are my income. It can be a any gift :money gift, it can be a house property gift, or a jewellery gift. Gifts from family and gifts …
I am a Resident Individual and I wish to Apply for PAN Down load Form 49A from here or from Income tax site. Fill in particulars relating to your: Name Date of birth Father’s name Address (Residence and Office if any) Aadhar number (if allotted) If you are having any income – nature of income, …
