Hi I want to know, What is considered as salary income?
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A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.
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Basically Salary is all remuneration received from employer by employee in course of employment.
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Remuneration will be all types of payment :Cash as well as Non Cash (Perks)
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Employee is someone who is told
What to do ?
and
How to do ?
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So in contracts only What to do ? is told and not How to do ?
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This is just my way of distinguishing which helps in exams.
This is not any rule but somehow works everytime
Salary is defined to include:
a) Wages
b) Annuity
c) Pension
d) Gratuity
e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages
f) Advance of Salary
g) Leave Encashment
h) Annual accretion to the balance of Recognized Provident Fund
i) Transferred balance in Recognized Provident Fund
j) Contribution by Central Government or any other employer to Employees Pension Account as referred in Sec. 80CCD
-A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.
--Sโection 17(1)โ of the Income-tax Act defines the term โsalaryโ. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary.
Hie Jaggu,
- Section 17โโ of the Income-tax Act defines the term โsalaryโ. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary.
Dear friend,
--A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.
--Sโection 17(1)โ of the Income-tax Act defines the term โsalaryโ. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary.