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Last modified / updated Feb. 04, 2016

Income Tax Act, 1961 : Income Exempted and Chargeable under the Head "Salaries"

1. Section 192 Provisions on Taxable Income of Income Tax Act, 1961

Section 192 of the I.T.Act, 1961 provides that every who is responsible for paying any income chargeable under the head "Salaries" shall deduct income-tax on the estimated income of the assessee under the head "Salaries" for the financial year 2013-14. The income-tax is required to be calculated on the basis of the rates. However, no tax will be required to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. 2,50,000/- (age below 60 yrs) or Rs.3,00,000/- (Sr. Citizen) or Rs. 5,00,000/- (Super Sr. Citizen; Age 80 yrs. & above)

As per section 204(i) of the Act, the "persons responsible for paying" for the purpose of Section 192 means the employer himself or if the employer is a Company, the Company itself including the Principal Officer thereof. Further, as per Section 204(iv), in the case of credit, or as the case may be, if the payment is by or on behalf of Central Government or State Government, the DDO or any other person by whatever name called, responsible for crediting, or as the case may be, paying such sum is the "persons responsible for paying".

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Links & Description of Contents

S.No. Link & Description of Contents
1 Section 192 Provisions on Taxable Income
2 Relief When Salary Paid in Arrear or Advance (Section 89)
3 Claim of Deduction of Interest u/s 24 (b)- Income from House Property
4 Due dates for payment of TDS
5Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted
6 Certificate for Tax Deducted (Section 203)
8 Furnishing Particulars pertaining to perquisites (Section 192(2C))
9 Mandatory Quoting of PAN and TAN
10 TDS on Income from Pension
11 Income Chargeable Under the Head "Salaries"
12 Definition OF "Salary" (Section 17)
13 Perquisite - Rent Free Accomodation & Motor car provided by the Employer
14 Perquisite - Gas, electricity & water for household consumption
15 Interest free or concessional loans
16 Value of Subsidized / Free food / non-alcoholic beverages
17 Transfer Grant Allowance (Section 10(14))
18 Medical Reimbursement by the Employer (Section 17(2))
19 Leave Travel Concession (LTC) (Section 10(5))
20 Death-cum-Retirement Gratuity (Section 10(10))
21 Commutation of Pension (Section10(10A)(i) & 10(10A)(ii))
22Leave Encashment (Section 10(10AA)(i))
23Retrenchment Compensation (Section 10(10B))
24 Amount received on voluntary retirement (Section 10(10C))
25 Sum received under a Life Insurance Policy (Section 10(10D))
26 Payment from a Provident Fund (section 10(11))
27 House Rent Allowance (Section 10(13A))
28 Pension to Gallantry Awarded (Section 10(18))
29 Medical Treatment provided by Employer (Section 17)
30 Entertainment Allowance (Section 16(ii))
31 Professional Tax (Section 16(iii)) Contents Highlights