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Computation of Income from Salary Head



Rajesh Goyal 

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What is Income From Salary ?

1.     Only receipts from employer are taxable under this head. Receipt  from a person other than employer are taxable under “Other Source”.

 2.    Thus, Relationship of employer and employee must exist to create salary income.

 3.    In case Salary is received after deduction of  any one or more of following items, those items are added back to get fully Salary :-

      (i)   Own Contribution to Provident Fund.

      (ii)  Tax Deducted at Source (TDS)

      (iii)  Repayment of Loan etc.

      (iv)  LIC Premium, if deducted from salary.

      (v)  Group Insurance Scheme.

      (vi) Rent of House provided by employer. 


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