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What is Understanding Salary Income Tax Rules about?
Income under the head "Salaries" includes income from salary, wages, bonuses, commissions, gratuities, pensions and annuities. It is taxable on a due or receipt basis, whichever is earlier. Key allowances included are travel allowance, daily allowance, house rent allowance and conveyance allowance, with some allowances exempt up to a specified limit or percentage. Deductions allowed are standard deduction of Rs. 50,000, entertainment allowance for government employees, and professional tax paid. Income from
- Author
- Rekha Bansal
- Language
- EN