Knowledge Base - Income from Salary
Any emoluments received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as Salary. In theoretical terms, it includes
Allowance is generally defined as a fixed quantity of money or other substance given regularly in addition to salary for the purpose of meeting some particular requirements connected with the service rendered by the employee or as compensation for unusual conditions of that service.
Yes, this being a part of salary will be taxable.
Yes. These are in the nature of perquisite.
Yes. You will have to pay self-assessment tax and file the return.
Form-16 is a certificate of TDS and is not required to be issued when the taxes are not deducted from salary. However your employer must issue a salary statement.
Yes it is. Uncommuted pension is taxable as salary while commuted pension is exempt in case of Govt.employees. However pension received from the United Nation is exempt.
No. It is taxable under Income from other sources.
The bank will issue the Form-16 in such cases.
No. They are exempt subject to conditions and limits laid down in the Income Tax Act.
Yes, arrears of salary taxable. However certain benefit of spread over of income to the years to which it relates can be availed for lower incidence of tax. This is called relief u/s 89(1) of Income-tax Act.
Yes, loss from house property can be adjusted against your salary income.
It is taxable if received while in service. Received as retirement benefit, however it is exempt subject to certain conditions.
No, it is not taxable.