Explain the terms-
a. Meaning of salary and items.
b. Provident fund types.
c. Kinds of perquisite.
d. Profit in lieu of salary
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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. ... ... Electricity bills / water bills paid by employer. Entertainment allowance – deductions available. Income tax paid by employer
(b)There are different types of Provident Funds (PFs) which can be used by an individual for investment and saving purposes. The Balance of Provident Fund account (PF A/c) consists of amount invested by employee (you), amount invested by your employer and interest received on the amount invested.
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