Under Section 192 of the Income Tax Act, 1961, every employee is required
to pay tax on the total income, including his salary income and other
income, as per the rules every year. Let us examine the highlights of the
assessment of income tax payable by employees for the financial year
2020-21 (Income from 01.04.2020 to 31.03.2021).
వేతనాదాయంగా పరిగణించే అంశాలు:
Base Wage, Drought Allowance DA, Home Rent Allowance HRA, Interim
Allowance IR, Special Pay (HM Allowance, etc), Additional Increments, CCA
CCA, Surrender Leave, Wage Advance, Bonus, Pension, Medical Allowance,
Children Education Advance, Pension, Substance Allowance, Government Share
in New Pension Scheme, Wage Arrears etc.
వేతనాదాయంగా పరిగణించబడని అంశములు :
Gratuity,. Pension commutation, payments from .YTC, .PF, .Tour / Transfer
TA, DA, Retired Next Earner, Paid Leave Cash, Convenience Allowance
Education Allowance.
స్థిరాస్తి (Housing Property) పై ఆదాయం :
Rents on residences and business complexes
Capital Gains: Income from shares.
Other resources:
Interest on banks, savings account at post offices, and fixed deposits.
Interest on NSC Bonds Certificates, Family Pension received by the
employee or service pensioner. Under Section 57 iia, one-third of the
family pension or Rs. 15000 / - or whichever is less, the remaining family
pension should be shown under other income.
Posts
