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Income From Salary

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A presentation on Income from salary by students of RNB Global Univerity. Including Grading system of salary, Basis of Charge, Allowances, Bonus, Perquisites, Gratuity, Pension, and many more.

Publié dans : Formation
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Income From Salary

  1. 1. INCOME TAX LAWS & ACCOUNTS [INCOME FROM SALARY] 1. Gautam Chopra 2. Saurabh Chopra 3. Chaman Tanwar 4. Kanak Binayakiya 5. Pradhumn Soni PRESENTED BY:- MML
  2. 2. FLOW OF PRESENTATION • Introduction • Grading System of Basis of Salary • Basis of Charge of Salary • Format of Computation of Salary • Basic Introduction • Allowances • Perquisites • Bonus • Retirement Benefits MML
  3. 3. INTRODUCTION TO SALARY • Normally, the term ‘Salary’ signifies the consideration for services rendered by a person and it is a fixed monthly remuneration. • To cover an income covered under salary head “Employer & Employee” relationship has to be established. • Forgoing of Salary to be treated as application for salary.
  4. 4. GRADING SYSTEM OF BASIS OF SALARY • Certain employees are entitled to a graded system of basic salary. • The normal annual increments are already fixed in the grade. • Here is an Example MML
  5. 5. BASIS OF CHARGE OF SALARY [SECTION 15] • It is charged either on “due” or “receipt” basis, whichever is earlier. • Special Case: In increment like Pay Commission by the Govt. and revision of salaries of employees. Certain relief shall also be granted in such cases. • Place of Accrual: Salary earned in India is deemed to accrue or arise in India and will be taxed in India, even if - It is received outside India. - It is received after termination of service. • Pension received abroad in respect of services rendered in India, shall be treated as Income arised in India. MML
  6. 6. FORMAT OF COMPUTATION OF SALARY Particulars Amount Income from salary - Income from allowances - Taxable value of perquisites - Gross Salary - Less Deductions u/s 16 - Entertainment Allowance - Professional Tax - Income from Salaries - MML
  7. 7. ALLOWANCE Allowances House rent allowances Entertainment allowances Actual or limit specified Notified special allowances Fully exempt allowances Fully taxable allowances
  8. 8. PERQUISITES Perquisites R.F.A. Furnished Unfurnished Movable assets Computer Free food and non- alcoholic beverages Value of gifts In cash In kind Motor car If owned by employer If owner by employee
  9. 9. BONUS • A bonus is any financial compensation, reward, or return over and above the normal expectations of the recipient. A bonus can be given to a company’s employees and executives, prospective employees, or shareholders.
  10. 10. RETIREMENT BENEFITS Retirement Benefits – 1. Gratuity • It is generally paid at the time of cessation of employment. • It is based upon the duration of service.
  11. 11. Pension (Sec 10(10A) • Pension is a payment made by the employer after the retirement/death of the employee as a reward for his past services. • Uncommuted Pension • Commuted Pension Uncommuted pension which is monthly pension received by employee after retirement. Commuted Pension which is lump sum payment received at the time of retirement.
  12. 12. DEDUCTIONS U/S 16 • Entertainment Allowances • Professional Tax
  13. 13. THANK YOU