Understanding Income from Salary as per Section 15
Learn about the components of salary under Section 15, including normal salary, advance salary, and arrears of salary. Discover how to calculate net salary after deductions like standard deduction, entertainment allowance, and professional tax.
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Presentation Transcript
INCOME FROM SALARY As per Section 15, Salary consists of the following: any salary due from an employer or former employer to an assessee in the previous year, whether actually pai or not; ( Normal Salary ) any salary paid to him in the previous year by an employer or a former employer though not due or before it became due to him. (Advance Salary) any arrears of salary paid to him by employer or former employer, if not charged to income tax for any earlier previous year. (Arrears of Salary)
amount Particulars Basic Salary Add: 1. Fees, Commission and Bonus 2. Allowances 3. Perquisites 4. Retirement Benefits 5. Fees, Commission and Bonus Gross Salary Less: Standard deduction 50,000 1. Entertainment Allowance u/s 16 **** 2. Professional Tax u/s 16 ***** Net Salary **** **** **** **** **** **** ****
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