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Income Tax Salary
Income Tax Salary
By:-
Gaurav Kumar Bisen
Assistant Professor
VARIOUS HEADS OF INCOME
(SECTION 14)
1. Advance salary:-
Taxable on receipt basis, in the year in which it is received. Relief
under section 89 available.
2. Arrears of salary:-
Taxable on receipt basis if the same is not taxed earlier on due
basis. Relief under section 89 available.
9. Deferred Salary:-
Taxable at the point of deferral if deferral is at the
option of the employee
Profit in lieu of salary
(ii) ₹ 5000 OR
Sum payable by the employer (whether directly or through a fund) to effect an assurance on
the life of the employee or to effect a contract for annuity except through a recognised PF,
Approved Superannuation Fund and Deposit Linked Insurance Fund
Any other fringe benefit or amenity as prescribed in Rule 3 of the Income Tax Rules, 1962
PERQUISTIES TAXABLE FOR ALL EMPLOYEES:-