Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Income from Salaries (Section 15 to 17), Part - 2
Income from Salaries (Section 15 to 17), Part - 2 | Fast Track Quick Revision Income Tax - Taxation PDF Download
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Category B Perquisites. [GET MSc]. Taxable only in case of Specified EE on provided basis. If GETMSc is re- imbursed then it becomes obligation of EE discharged by ER. Any amount re-imbursed is taxable in both the cases of EE - specified EE / Non Specified EE |
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| G | Gas/ Electricity / Water facility | Own | Manufacturing cost per unit is taxable |
| Purchase from outside agency | Cost to the employer is taxable | ||
| E | Education Facility | Own | Taxable | Market fees | Exempt | Rs. 1,000 p.m. per child is exempt |
| Hired | Cost to the employer is taxable | |||||
| Exempt | Scholarship is exempt u/s 10(16) | Training of employee is exempt. | ||||
| T | Transport Facility | Railways / Airline | Exempt |
| M (m e d i c a l) |
1. | Employer’s Own Hospital | Fully exempt | Family members : | |||
| 2. | Private Hospital | Exempt upto Rs.15,000 |
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| 3. | Govt. Hospital | Fully exempt. | |||||
| 4. | Treatment of prescribed disease in approved hospital | Fully exempt. | |||||
| 5. | Re imbursement | Exempt upto Rs.15,000 |
| S | Servant Facility | Cost to the employer is taxable or Salary of servant is taxable. |
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C Car facility
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Car Facility RE = |
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| Category C Perquisites : FULLY EXEMPTED PERQUISITES | |||
| 1. | Staff group insurance. | 11. | HHF – official purpose exempt. |
| 2. | Use of laptop, computer & telephone is exempt. | 12. | Meal upto Rs 50 per meal is exempt. |
| 3. | Gifts in kind upto Rs. 5,000 is exempt. | 13. | Meal in remote area is exempt. |
| 4. | Sale of SIT to its employees is exempt. | 14. | Hotel accommodation – transfer and upto 15 days. |
| 5. | The other asset which is 10 year old is exempt. | 15. | Education facility upto ₹ 1,000 p.m. / child. |
| 6. | Loan facility upto Rs. 20,000 is exempt | 16. | Training of EE’s |
| 7. | Loan given for treatment of specified disease. | 17. | S 10(16). Scholarship. |
| 8. | Credit card / club if given for official purpose. | 18. | Medical facilities upto Rs.15,000. |
| 9. | Health club – for all employees | 19. | Medical facility in Own / Govt. hospital. |
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PROVIDENT |
SPF | PPF | URPF | RPF | |||
| 1. | Employer’s contribution towards PF. | Not Taxable | Does not contribute | Not Taxable | Excess of 12% of SAS is taxable | ||
| At the time of lump sum withdrawal | Taxable under the head SALARY | ||||||
| 2. | Employee’s contribution towards PF. Whether deduction u/s 80C available? | Available | Available | Not Available | Available | ||
| At the time of lump sum withdrawa | Not Taxable since already taxed. | ||||||
| 3. | Interest credited to PF. | Not Taxable | Not Taxable | Not - Texable | Excess of 9.5% is taxable |
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| At the time of lump sum withdrawal | Interest on | ||||||
| ER’s contrib. | Taxed under the head SALARY | ||||||
| EE’s contrib. | Taxed under the head OS | ||||||
| 4. | Lump sum withdrawal from PF | Exempted u/s 10(11) | Exempted u/s 10(11) | Texable | Exempted u/s 10(12) | ||
| EEE | EEE | EET | EEE | ||||
| S 10(10). Gratuity | |||||
| Maximum | Govt. employees | Employees covered under the Payment of Gratuity Act, 1972 | Other Employees (as per terms of contract of employment) | ||
| Actual | Fully exempt from tax | 10,00,000 (life time exemption) | Least is exempt | 10,00,000 (life time exemption) | Least is exempt |
| Formula | Actual | Actual | |||
| BS + 100% of DA ------------- x 15 x CYSr 26 | Avg SAS ------------ x 15 x CYSi 30 | ||||
| Salary | NA | BS + 100% of DA at the time of retirement | SAS = BS + DA () + Commission (if) Avg SAS is computed for last 10 months immediately preceding the MONTH of retirement. | ||
| CYS. Completed year of service | if completed year of service is more than 6 month take it as 1 year | ignore the part of month. | |||
| S 10(10A). Pension | |||
| Uncommuted pension | Commuted pension | ||
| Fully taxable whether Govt. EE or Private EE. | Government Employee | Private Employees | |
| Receives gratuity | Do not receive Gratuity | ||
| Fully exempt from tax | 1/3 of Full Value of Pension is exempt. | 1/2 of Full Value of Pension is exempt. | |
| S 10(10AA). Leave Salary | |||
| Govt. Employees | Pvt. Employees | ||
| Maximum | Fully exempt from tax | 3,00,000 (life time exemption) | Least is exempt from tax |
| Actual | Actual Leave Salary | ||
| Formula 1 | 10 x Average SAS | ||
| Formula 2 | Earned leave (in months) x Average SAS | ||
| SAS | SAS = BS + DA () + Commission (if) Avg SAS is computed for last 10 months immediately preceding the DATE of retirement. | ||
| Leave Salary = Leave Entitlement – Leave availed – Leave Encashed. Leave entitlement is max 30 days for each completed year of service. | |||
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FAQs on Income from Salaries (Section 15 to 17), Part - 2 - Fast Track Quick Revision Income Tax - Taxation
| 1. What is considered as income from salaries for tax purposes? |  |
Ans. Income from salaries for tax purposes includes any money or benefits received by an individual as compensation for their employment. This can include regular salary or wages, bonuses, commissions, allowances, and any other monetary benefits received from the employer.
| 2. Are there any exemptions or deductions available for income from salaries? | |
Ans. Yes, there are certain exemptions and deductions available for income from salaries. Some common exemptions include house rent allowance (HRA), leave travel allowance (LTA), and medical reimbursements. Deductions such as standard deduction and deductions for professional tax and employment-related expenses are also available.
| 3. How is income from salaries taxed in Section 15 to 17 of the Income Tax Act? | |
Ans. Income from salaries is taxed according to the provisions of Section 15 to 17 of the Income Tax Act. Section 15 deals with the computation of salary income, Section 16 covers specific deductions that can be claimed by the employee, and Section 17 defines various components of salary and their tax treatment.
| 4. Can I claim a tax refund for excess tax deducted from my salary? | |
Ans. Yes, if excess tax has been deducted from your salary, you can claim a tax refund while filing your income tax return. You need to provide the necessary details in the return, such as the amount of tax deducted and the TDS certificate received from your employer, to claim the refund.
| 5. Are there any specific tax obligations for employers related to income from salaries? | |
Ans. Yes, employers have certain tax obligations related to income from salaries. They are responsible for deducting the applicable tax (TDS) from the employee's salary and depositing it with the government. Employers also need to issue Form 16, which provides details of the salary paid and the tax deducted, to the employee. They must file regular TDS returns and comply with other tax-related requirements as per the Income Tax Act.
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