Introduction

Returns from property computation

Income Tax Assessee classification

Residential status

Income from salary

Exemptions available on salary

Income from house property

Tax exemption

Income and taxation

Long term/Short term capital gains

Income from other sources

Capital gains

  
Salary has been defined in Section 17(1) of the Income Tax Act. It includes:
 

• Wages
• Annuity or pension
• Gratuity
• Fees, commission, perquisites or profit is lien or n addition to any salary or wages
• Advance salary
• Leave encasement
• The annual accretion to a recognized Provident Fund to the extent of the following:
  

Employer's contribution in excess of12 per cent of salary.
  
Interest on the balance in the Provident Fund Account credited in excess ofl2 per cent.
  
The accumulated transferred balance from unrecognized Provident Fund to a recognized Provident Fund.