Question

ఆదాయపు పన్ను చట్టం ఏ విధముగా వివరించింది.
2. Explain the terms --
క్రింది వాటిని విపులముగా వివరించండి.
a. Meaning of salary & items.
ఎ.జీతము - నిర్వచనము
b. Provident fund types
బి. ఫించను రకాలు
c. Kinds of Perquisites
సి. పరిలబులు రకాలు
d. Profit in lieu of salary
డి.జీతానికి బదులు లాభాలు​

Answer 1

Answer:

A) The term salary is defined under section 17 (1) of the income tax act to include following items as salary; Wages. Any annuity or pension. ... The portion of the annual accretion in any previous year to the balance at the credit of an employee participating in a recognized provident fund to the extent it is taxable.

B) Types of Provident Fund. Provident fund is a pension scheme where 12% of sum will be deducted from an employee's basic salary on a monthly basis to add to the employee's future savings. Both the employer and the employee contributes certain percentage to this deduction.

C) Value of any benefit / amenity granted free or at a concessional rate to specified employees. The value of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer, or former employer, free of cost or at concessional rate to the assessee.

D) Profits in lieu of salary are payments received by an employee in addition to the regular salary. ... Profits in lieu of salary is taxable under the Income Tax Act and must be declared while filing income tax return.

Explanation:

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