INTRODUCTION
Salary refers to the amount/remuneration received by a person known as an employee, time by time, for service rendered by him as a result of an express or implied contract. The existence of the employer-employee relationship is the necessity for taxing comes under the head ‘salaries. The salary received by a partner from his partnership firm carrying on a business is not chargeable as “Salaries” but charged as “Profits & Gains from Business or Profession”. Pension received by an assessee from his former employer is taxable as “Salaries”.
“Salary” Include:
Section 17(1) of the Income-tax Act provides an inclusive and not exhaustive definition of “Salaries” including:
(i) Wages; (ii) Annuity or pension; (iii) Gratuity (iv) Fees, Commission, perquisites or profits in lieu of salary; (v) Advance Salary; (vii) Contribution of in terms of Recognized Provident Fund over the prescribed limit; (viii) Leave Encashment; (ix) Compensation results to variation in Service contract, etc.; (x) Contribution made through pension by the Central Government to the account of an employee.
Deduction From Salary Income
Gross Income – Deductions = Taxable Income
The following are the deductions that are admissible as per Section 16 of the Income-tax Act:
(i) Professional/Employment tax levied by the State Govt.
(ii) Deduction in respect of Entertainment Allowance is available to a government employee up to the extent of Rs. 5000/- or 20% of salary or actual amount received by the employee, whichever is less.
Note: W.E.F. 01.04.2019 i.e. AY 2020-21 onwards, the standard deduction of Rs. 50,000/- is available from salary income.
Perquisites[1]
We can define “Perquisite” as an emolument or benefit combined with the addition to salary or wages.
Section 17(2) of the Income-tax Act mentions the details including:
(i) Value of rent-free or concessional rent accommodation provided to the employee.
(ii) Any sum paid by the employer in respect of an obligation that was actually payable by the assessee.
- where a furnished accommodation is provided by the Central Government or any State Government. Following the rules the value of furniture and fixtures in respect of the period during which the said accommodation was occupied by the assessee during the previous year, exceeds the aggregate of the rent recoverable from, or payable by, the assessee and any charges paid or payable for the furniture and fixtures by the assessee;
(iii) Granting free/ concessional rate on any benefits or amenity granted to specified employees etc.
(iv)The amount of any sweat equity shares allotted or transferred, directly or indirectly. Granted by the employer, or former employer, either free of cost or at a concessional rate to the assessee.
(v) Contribution to any approved superannuation fund by the employer in respect of the assessee, to the extent of one lakh rupees; and
(vi) Any other benefit or amenity as may be prescribed by rules.
Perquisites Exempt From Income Tax
- As per section 10 (7), Perquisites are allowed outside India by the Government to a citizen of India for rendering services outside India.
- The rent-free official residence is provided to a Judge of High Court or Supreme Court or an Official of Parliament, Union Minister or Leader of Opposition in Parliament.
Allowances
Allowance refers to a fixed amount of money or other substance given on regular basis to the employee in addition to his salary for meeting specific requirements. Exemption allowed in this respect are:
- House Rent Allowance:-Provided that expenditure on rent is actually incurred, the exemption available shall be the least of the following :
(i) HRA received.
(ii) Rent paid less than 10% of salary.
(iii) 40% of Salary (50% in the case of Mumbai, Chennai, Kolkata, Delhi). Here, Salary means Basic salary + Dearness Allowance (if provided).
(iv) complaint against company for not giving salary
- Leave Travel Allowance:
As per Section 10(14)(i) of the Act, we can exempt the following allowances:
- Travel on tour or transfer allowances.
- Allowance granted to meet conveyance expenses incurred in the performance of duty provided no free conveyance is provided.
- Allowance granted to meet expenses incurred on a helper engaged for the performance of official duty.
- Educational or research allowances in respect to academic, research, or training.
- Allowance granted to fulfill the expenditure for purchase/ maintenance of uniform for the performance of official duty.
CONCLUSION
An employee will get the benefits of deduction of tax on the benefits provided to him either as a government employee or a private employee. Some basics benefits such as medical expenses, travel expenses, expenses for stay, or accommodation. In addition to this, some family benefits as well provided to the employee are deductible from the tax payment.
[1] Generally, the taxable value of perquisites in the hands of the employees is its cost to the employer. Specific rules for the valuation of certain perquisites are provided under Rule 3 of the I.T. Rules.
Read more here:
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