Manthan a chartered accountant is
employed with Mayuni Ltd., an internal
auditor and requests the employer to call
the remuneration as internal audit fee.
Manthan shall be chargeable to tax for such
fee under the head.
1) Income from salaries
2) Profit and gains from Business and
profession
3) Income from other sources
4)None of these
Answers
Answer:
income from the salary this the answer
Answer:
Manthan shall be chargeable to tax for such fee under the head Income from salaries.
Explanation:
The income or remuneration received by an individual for services rendered or a contract undertaken by him is referred to as salary income. This clause essentially incorporates a person's remuneration for services rendered under a contract of employment. Wages, pension, annuity, gratuity, fees, commission, profits, leave encashment, annual accretion, transferred balance in recognised Provident Fund (PF), and contribution to an employee's pension account are all examples of salary income. Only if there is an Employer and Employee relationship between the person making the payment and the person receiving the payment will this amount of remuneration be considered income under the Income Tax Act.
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