UrbanPro
true

Learn Taxation from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

Search in

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

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

 

0 Dislike
Follow 1

Please Enter a comment

Submit

Other Lessons for You

Relevant v/s. Irrelevant Cost
The purpose of classifying cost into relevant and irrelevant is to eliminate unnecessary information that complicates the process of decision making. Relevant Cost: Cost which will be affected by the...
C

BRS
BRS refers to Bank reconciliation statement. This is prepared to reconcile the difference between bank account in the cash book and pass book.

Important Components of a Cash Flow Statement
As per Accounting Standard 3 issued by ICAI, it is compulsory for the large business organisations to publish its Cash Flow statement along with its Financial Reports. The CashFlow Statement consists...

Raising Fund through Commercial Paper.
Raising Fund through Commercial Paper: Every business requires the funds for expansion. The requirement of fund can be both Long term and short term. The cost of raising funds for a business is very...

GST Updates.
GST Updates: 1) PAN is mandatory for taking registration under GST. PAN will be validated by CBDT. After successful validation, registration will be granted. 2) If a person has a SEZ unit, then he is...
C
X

Looking for Taxation Classes?

The best tutors for Taxation Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Learn Taxation with the Best Tutors

The best Tutors for Taxation Classes are on UrbanPro

Book a Free Demo

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

Accept All
Decline All

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more