Salary is a fixed regular payment, typically paid on a monthly basis but often expressed as an annual sum, paid by an employer to an employee. However, under the Income tax Act 1961, defines the term salary is defined under section 17(1) which includes salary, wages,annuity or pension, gratuity, fee,commission, perquisite or profit in lieu of salary or in addition to any salary or wages.
Income tax act specifically allowed various income tax exemptions for employees which are useful in saving taxes. Every Employee has to intimate th...
HRA is house rent allowance paid by company to meet your rent expenses and this amount is tax deductible (tax free) up-to some extent. This tax ded...
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