jaggu
asked over 3 years ago
Hi I want to know, What is considered as salary income?
veeru
answered over 3 years ago
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.
Naitik Shah
answered over 3 years ago
Basically Salary is all remuneration received from employer by employee in course of employment. ---------- Remuneration will be all types of payment :Cash as well as Non Cash (Perks) ---------- Employee is someone who is told What to do ? and How to do ? ---------- So in contracts only What to do ? is told and not How to do ? ---------- This is just my way of distinguishing which helps in exams. This is not any rule but somehow works everytime
Anil
answered over 3 years ago
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
HIMANSHU
answered over 3 years ago
-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. --Section 17(1) of the Income-tax Act defines the term ‘salary’. 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.
Archana
answered over 3 years ago
Hie Jaggu, - Section 17 of the Income-tax Act defines the term ‘salary’. 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.
CA Sandeep Bohra
answered over 3 years ago
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. --Section 17(1) of the Income-tax Act defines the term ‘salary’. 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.
