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Computation of Salary income

Anand Eriwal
27/03/2021 0 0

Basic Salary

(+) DA

(+) Bonus

(+) Taxable portion of allowances

(+) Advance Salary

(+) Fees

(+) Commission

(+) Taxable value of perquisities

(+) Wages

(+) Profit in lieu of salary

(+) Taxable Retirement benefits

(+) Special allowances

------------------------------------------------------------------------

GROSS SALARY

------------------------------------------------------------------------------------

Less Deductions u/s 16

1) Section 16(i): Standard Deduction

2) Section 16(ii): Entertainment allowance

3) Section 16(iii): Profession Tax or Tax on employment

----------------------------------------------------------------------------------------

NET Taxable SALARY Income OR Salary Taxable under the HEAD SALARY INCOME

--------------------------------------------------------------------------------------------

 

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