Income Additions

Income Additions

Law brief/Particulars/Options/Limits

Tips

Basic Salary

Fixed Component of your Salary

(fully Taxable)

 Generally 30-40 % of CTC

House Rent Received(HRA) From all Employer

Salaried individuals, who live in a rented house/apartment, can claim house rent allowance(Partially or Completely exempt from taxes)

Note: If You don’t live on rent your HRA shall be fully taxable. Khud ka ghar = registry in your name.
Generally = 30 % of Total CTC.
Rent Receipt = Online Format Fill & Paster 1 Rs revenue Stamp - PAN Mandatory > 8,000

Yes, have to pay in actual from the bank. 
TDS if rent More than 50,000 pm.

 Yes - Rent can be paid to Mom/ Dad,

Generally - 8,000 - 25,000 pm. think n give to a person with No taxes

Arrears

 

Bonus

Incentives

Arrear of Salary is Taxable(Which was not Taxed Earlier)(Relief   U/s 89(1) can claim)              

The bonus is Fully Taxable

Incentives are Fully Taxable


Prerequisite

Commissions

Profits

Taxable Prerequisite(Rent Free Accommodation, Professional Tax of Employee etc)Exempted Prerequisite(Refreshment by Employer, Use of Telephone Line etc) Fees or Commission remitted to the Employee is Taxable as Salary Income