Taxation for Salaried individuals in India

What is Salary income?

The term “Salary” signifies remuneration paid by an employer to an employee for services rendered over a period of time. It includes the following:

  • Wages
  • Any annuity or pension
  • Any fees, commission, perquisites or profits in lieu of or in addition to any salary or wages
  • Any advance of salary
  • Any payment received by an employee in respect of any period of leave not availed by him
  • The portion of the annual accretion in any previous year to the balance at the credit of any employee participating in a recognized provident fund to the extent it is taxable
  • Transferred balance in in a recognized provident fund to the extent it is taxable
  • Contribution by the Central Government to the account of an employee under a pension scheme referred to in section 80CCD (i.e. NPS)

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