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Income from salary - theory and allowances

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Income from Salaries Dr. NGPASC COIMBATORE | INDIA Dr. N.G.P. ARTS AND SCIENCE COLLEGE (An Autonomous Institution, Affiliated to Bharathiar University, Coimbatore) Approved by Government of Tamil Nadu and Accredited by NAAC with 'A' Grade (2nd Cycle) Dr. N.G.P.- Kalapatti Road, Coimbatore-641048, Tamil Nadu, India Web: www.drngpasc.ac.in | Email: info@drngpasc.ac.in | Phone: +91-422-2369100 Dr. R. Prema Associate Professor in Commerce CA
Dr. NGPASC COIMBATORE | INDIA SALARIES
Dr. NGPASC COIMBATORE | INDIA MEANING OF SALARY
Dr. NGPASC COIMBATORE | INDIA CHARACTERISTICS OF SALARY Relationship of Employer and Employee: Govt. Local Authority Company Public Body Association H.U.F. Individual Nature of Employer: Individual, Sole Proprietor, Partnership LLP, HUF, Company, Local Authority, AoP, BoI and any other Artificial Judicial person
Dr. NGPASC COIMBATORE | INDIA CHARACTERISTICS OF SALARY Salary from more than one employer: Two employers Simultaneously Later with one employer Salary received by MP or Member of State Legislature: Exempted Salary from past, present and prospective employer: Taxable Salary received by UNO Employees: Exempted
Dr. NGPASC COIMBATORE | INDIA CHARACTERISTICS OF SALARY Salary as Partner: Not taxable under the head Salary Payments received by Legal Heirs of a deceased employee: Not taxable Salary received by a sole proprietor from his property concern: Cannot be treated under this head Previous Year for Salaries: Financial Year ( April to March ) Salary Grade or Pay scale: Starting Salary Increments in future years
Dr. NGPASC COIMBATORE | INDIA PROVIDENT FUNDS
Dr. NGPASC COIMBATORE | INDIA PROVIDENT FUNDS Meaning of Salary for PF: BP + Commission Employer’s Contribution to RPF = Exempted upto 12 % of salary Interest credited to RPF Balance = Exempted upto 9.5 % on Balance
Dr. NGPASC COIMBATORE | INDIA PROFORMA
Dr. NGPASC COIMBATORE | INDIA PROFORMA
Dr. NGPASC COIMBATORE | INDIA PROFORMA
Dr. NGPASC COIMBATORE | INDIA PROFORMA
Dr. NGPASC COIMBATORE | INDIA PROFORMA
Dr. NGPASC COIMBATORE | INDIA Allowances
Dr. NGPASC COIMBATORE | INDIA House Rent Allowance (Sec 10(13 A))
Dr. NGPASC COIMBATORE | INDIA Allowance Sec 10(14) (ii)
Dr. NGPASC COIMBATORE | INDIA Allowance Sec 10(14) (ii)
Dr. NGPASC COIMBATORE | INDIA Pension
Dr. NGPASC COIMBATORE | INDIA Gratuity
Dr. NGPASC COIMBATORE | INDIA Leave Encashment
21

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Income from salary

  • 1. Income from Salaries Dr. NGPASC COIMBATORE | INDIA Dr. N.G.P. ARTS AND SCIENCE COLLEGE (An Autonomous Institution, Affiliated to Bharathiar University, Coimbatore) Approved by Government of Tamil Nadu and Accredited by NAAC with 'A' Grade (2nd Cycle) Dr. N.G.P.- Kalapatti Road, Coimbatore-641048, Tamil Nadu, India Web: www.drngpasc.ac.in | Email: info@drngpasc.ac.in | Phone: +91-422-2369100 Dr. R. Prema Associate Professor in Commerce CA
  • 2. Dr. NGPASC COIMBATORE | INDIA SALARIES
  • 3. Dr. NGPASC COIMBATORE | INDIA MEANING OF SALARY
  • 4. Dr. NGPASC COIMBATORE | INDIA CHARACTERISTICS OF SALARY Relationship of Employer and Employee: Govt. Local Authority Company Public Body Association H.U.F. Individual Nature of Employer: Individual, Sole Proprietor, Partnership LLP, HUF, Company, Local Authority, AoP, BoI and any other Artificial Judicial person
  • 5. Dr. NGPASC COIMBATORE | INDIA CHARACTERISTICS OF SALARY Salary from more than one employer: Two employers Simultaneously Later with one employer Salary received by MP or Member of State Legislature: Exempted Salary from past, present and prospective employer: Taxable Salary received by UNO Employees: Exempted
  • 6. Dr. NGPASC COIMBATORE | INDIA CHARACTERISTICS OF SALARY Salary as Partner: Not taxable under the head Salary Payments received by Legal Heirs of a deceased employee: Not taxable Salary received by a sole proprietor from his property concern: Cannot be treated under this head Previous Year for Salaries: Financial Year ( April to March ) Salary Grade or Pay scale: Starting Salary Increments in future years
  • 7. Dr. NGPASC COIMBATORE | INDIA PROVIDENT FUNDS
  • 8. Dr. NGPASC COIMBATORE | INDIA PROVIDENT FUNDS Meaning of Salary for PF: BP + Commission Employer’s Contribution to RPF = Exempted upto 12 % of salary Interest credited to RPF Balance = Exempted upto 9.5 % on Balance
  • 9. Dr. NGPASC COIMBATORE | INDIA PROFORMA
  • 10. Dr. NGPASC COIMBATORE | INDIA PROFORMA
  • 11. Dr. NGPASC COIMBATORE | INDIA PROFORMA
  • 12. Dr. NGPASC COIMBATORE | INDIA PROFORMA
  • 13. Dr. NGPASC COIMBATORE | INDIA PROFORMA
  • 14. Dr. NGPASC COIMBATORE | INDIA Allowances
  • 15. Dr. NGPASC COIMBATORE | INDIA House Rent Allowance (Sec 10(13 A))
  • 16. Dr. NGPASC COIMBATORE | INDIA Allowance Sec 10(14) (ii)
  • 17. Dr. NGPASC COIMBATORE | INDIA Allowance Sec 10(14) (ii)
  • 18. Dr. NGPASC COIMBATORE | INDIA Pension
  • 19. Dr. NGPASC COIMBATORE | INDIA Gratuity
  • 20. Dr. NGPASC COIMBATORE | INDIA Leave Encashment
  • 21. 21