5. COMPUTATION OF INCOME UNDER THE HEAD “SALARIES”
5.1 INCOME CHARGEABLE UNDER THE HEAD “SALARIES”:
Click to view Part I
Income Tax on Salaries – Circular No. 17/2014
Click to view Part II
RATES OF INCOME-TAX AS PER FINANCE (No. 2) ACT, 2014
|Click to view Part III
Scheme of Tax Deduction at Source from Salaries
|Click to view Part IV
Persons responsible for Deducting Tax and their Duties:
(1) The following income shall be chargeable to income-tax under the head “Salaries”:
(a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not;
(b) any salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer though not due or before it became due to him.
(c) any arrears of salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer, if not charged to income-tax for any earlier previous year.
(2) For the removal of doubts, it is clarified that where any salary paid in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary becomes due.
Any salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as “Salary”.
Other Parts of Circular
2. RATES OF INCOME-TAX AS PER FINANCE (No. 2) ACT, 2014: Click to View
3. SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”: Click to View
4. PERSONS RESPONSIBLE FOR DEDUCTING TAX AND THEIR DUTIES: Click to View
ANNEXURE 1 – SOME ILLUSTRATIONS – For Assessment Year 2015-16
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COMPUTATION sheet format under income from salary