The above definition of word 'salary' U/s 17(1) includes the above mentioned items. These can be explained in following manner : Wages—any amount received by a person for work done or job rendered is called wages. It may be received under the name of 'Pay', 'Basic Pay', 'Salary', 'Basic salary…

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How to Calculate Net Income Before Taxes | Bizfluent

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Section 17 (3) of income tax act defines profit in lieu of salary as follows; ... Filed Under: Income tax Tagged With: Proffit In Lieu Of Salary, salary, Section 17(3) About the Author. Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.

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Deductions under the head salaries as provided under Section 16 of the Income Tax Act,1961 Professional Tax which is levied by State Government Entertainment Allowance: This allowance is available to all government employees to the extent of Rs.5000 or 20% of his salary or the actual amount received whichever is less.

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Section 13(a)(1) and Section 13(a)(17) also exempt certain computer employees. To qualify for exemption, employees generally must meet certain tests regarding their job duties and be paid on a salary basis at not less than $684* per week. Employers may use nondiscretionary bonuses and incentive payments (including commissions) paid on an annual ...

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Income tax important points regarding and definition of salary-video.mp4

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The term salary is defined under section 17 (1) of the income tax act to include following items as salary; Wages. Any annuity or pension. Any gratuity. Any fee, commission, perquisite or profit in lieu of salary or in addition to any salary or wages. Any advance of salary. Any payment received by an employee in respect of any period of leave ...

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"Salary", "Perquisite" and "Profits in lieu of salary" defined. 17. For the purposes of sections 15 and 16 and of this section— (1) "salary" includes—(i) wages ;(ii) any annuity or pension ;(iii) any gratuity ;(iv) any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages ;(v) any advance of salary;(vi) the annual accretion to the balance at the credit ...

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1. What Does "Salary" Include. Section 17(1) of the Income tax Act gives an inclusive and not exhaustive definition of "Salaries" including therein (i) Wages (ii) Annuity or pension (iii) Gratuity (iv) Fees, Commission, perquisites or profits in lieu of salary (v) Advance of Salary (vi) Amount transferred from unrecognized provident fund to recognized provident fund (vii) Contribution ...

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Section 17(1) defined the term "Salary". It is an inclusive definition and includes monetary as well as non-monetary items. 'Salary' under section 17(1), includes the following: wages, any annuity or pension, any gratuity, any fees, commission, perquisite or profits in lieu of or in addition to any salary or wages, any advance of salary,

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Section 17 corporations are not required to pay federal income taxes whether they are operated on or off the reservation. 4 By IRS regulation, "tribes incorporated under section 17 of the Indian Reorganization Act of 1934 are not recognized as separate

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outside sales employees. Section 13(a)(1) and Section 13(a)(17) also exempt certain computer employees. To qualify for exemption, employees generally must meet certain tests regarding their job duties and be paid on a salary basis at not less than $684 * per week. Employers may use

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Definition of 'Perquisites' as per [Section 17 (2)] Perquisite may be defined as any casual emolument or benefit attached to an office or position in addition to salary or wages. It also denotes something that benefits a man by going into his own pocket. Perquisites may be provided in cash or in kind. However, perquisites are taxable under the ...

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Note:- Definition of Salary includes Profit in lioeu of Salary. Hence all these above mentioned types od incomes are taxable under Income from Other Sources. Next: Definition of Taxable Perquisite Section 17 (2)→

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Section 17 in The Income- Tax Act, 1995. 17. " Salary"" perquisite" and" profits in lieu of salary" defined 3For the purposes of sections 15 and 16 and of this section,-. (va) 4 any payment received by an employee in respect of any period of leave not availed of by him;] (vi) the annual accretion to the balance at the credit of an employee ...

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Section 17 (2) of income tax perquisites includes. 1- Rent free accommodation under section 17 (2) 1. 2- Accommodation in concessional rate of rent under section 17 (2) 2. 3- Any benefit or amenity to the specified employee who is either a director of has a substantial interest in the company or whose income under salaries exceeds Rs. 50000 ...

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