Perquisite Meaning in Income Tax

Perquisite Meaning in Income Tax:-     Perquisitesare those extra payments which are received by an employee from the employer above the salary. It may be defined as any casual benefit attached in addition to salary or wages. It also describes something that benefits a man by going into his own pocket. Perquisites may be offered in … Read more

PROVIDENT FUND meaning and types in INCOME TAX

PROVIDENT FUND meaning and types in INCOME TAX Provident Fund is a good initiative of the government to encourage savings habits and  for the social security of employees, the Government has established various kinds of Provident funds. In this system the employee contributes a fixed percentage of his salary towards these funds and sometimes  the … Read more

Salary Structure in India for Income Tax

Salary Structure  in India for income tax  Salaries are paid by organizations,corporate, business entities etc  to their employees in exchange for the services Provided by them. The salary paid by the employers  to the employees contains different components, such as basic salary, allowance, perquisites, etc. Table Of Contents   Salary structure in India in income … Read more

Exempt Income Items & its section: INCOME TAX

   Exempt Income Items & its section Section                                              Particulars 10(1)                   Agricultural income. 10(2)                     Share received by the member from the Income of HUF. 10(2A)                  Share of profit of a partner in the Income of a firm. 10(4)                     (i) Interest on Notified Securities & Bonds held by a NR.     (ii) Interest … Read more