|
Email: financeandtaxes@yahoo.com
|
FINNTAXES.COM - GST, INCOME TAX AND FINANCE SERVICES PROVIDERS
FINNTAXES.COM is a platform where individual and firm can benefit the services we are providing from PANCARD, GST, INCOME TAX RETURN,
BALANCE SHEETS CREATION, AUDIT SERVICES, NET WORTH, BOOKING KEEPING etc. under one roof. We are complete tax service solutions. If you can't beat taxes, let us handle them.
Leave your stressful tax problems to us.
|
SALARY INCOME TAX RETURN FILING SERVICES WHAT IS TAX?
Tax can be defined in very simple words as the government’s revenue or source of income. The money collected under the taxation system
is put into use for the country’s development through several projects and schemes.
Taxes are an essential part of any nation to promote its economic growth. The taxes that we pay fill the coffers of the government, which are then utilized by it to deliver various services to the country’s population. The government has been given the authority to collect taxes by the Indian Constitution. All the taxes that we pay are backed by laws passed by either the Parliament or the State Legislature. Taxes are the mandatory contributions levied on individuals or corporations by a government entity- whether local, regional, or national. Tax revenues finance government activities, including public works and services such as roads and schools or programs such as social security and Medicare. A tax is a mandatory fee or financial charges levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs. If one fails to pay the taxes or refuse to contribute towards it will invite serious implications under the pre-defined law.
SALARY INCOME UNDER INCOME TAX
Salary income refers to the compensation received by an employee from a current or former employer for the execution of services
in connection with employment. Thus, income is taxable as salary under Section 15 only if an employer-employee relationship exists between
the payer and payee. Salary income could be in any form such as gift, pension,
gratuity, usual remuneration and so on. In this article, we look at various aspects of salary income under the Income Tax Act.
MEANING OF SALARY UNDER INCOME TAX ACT
Under the Income Tax Act, the term salary is defined to include the following:
Wages;
Gratuity;
Fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages;
Advance of salary;
Payment received by an employee in respect of any period of leave not availed by him/her;
The portion of annual accretion in any previous year to the balance at the credit of an employee participating in a recognised provident fund to the extent it is taxable;
Transferred balance in a recognised 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);
SALARY INCOME
Amount taxable under the head “Salaries” is real salary and not fictitious salary. There should be an intention
for both payment and receipt of a salary. There should be an intention to render services.
WHO CAN RECEIVE SALARY?
Salary is compensation for personalized services which could be provided by an ordinary human being and not an association or entity.
Hence, salary income is chargeable in the hands of an individual only. No other type of individual such as firm or HUF, LLP or Company can earn salary income.
Also, if the association of employer and employee prevails, the income that would be charged would be classed under the head “Salaries”. It does not
matter whether the employee is working full time or part-time.
Finally, any payment received by an employee from his present, former or prospective employer will be charged to tax under the head “Salaries”.
INCOME NOT SALARY
The benefits to be taxable under the head “Salaries” must be established by virtue of an office amounting to an occupation.
Mere allotment of an office is not sufficient to bring the tax incidence under the head “Salaries”. Also, an income received
by an individual from a person other than his employer cannot be termed as salary and subsequently,
such income may not be taxable under the head “Salaries”. All such income must be accounted under the head “Profits and Gains of Business or Profession”.
DUE DATE & CALCULATION PERIOD OF SALARY
Salaries are usually paid on the last working day of the month. The Minimum Wages Act 1948 governs the minimum wages and its calculation in India.
As per the Act, if a company houses less than 1000 employees, then the salary is paid on 7th of every month. If the company houses more than 1000
employees, then the salary is paid on 10th of every month. In the case of government and
semi-government employees, salary is due on the first day of the next month and for other employees, the salary is due on the last day of each month.
If you are looking for any SALARY INCOME TAX RETURN FILING related Services or ITRs Experts anywhere, You can write to us at - financeandtaxes@yahoo.com.
Get all your business related solutions under one roof. Taxation, Accounting, Management. You name it,
and we have got you covered. Moreover, you will never have to physically meet us as all of our services are carried out online.
Get things done quickly with a few clicks and minimum time. From our website to our process everything is designed
keeping your convenience as our priority. Our utterly digital process makes your experience smoother and faster.
FINNTAXES.COM provides the finance and taxation services for your business at very minimal prices. Go Paperless with FINNTAXES.COM and email us - financeandtaxes@yahoo.com |
|
|
NEED GST NUMBER, INCOME TAX RETURN FILING OR TRADEMARK REGISTRATION - EMAIL: financeandtaxes@yahoo.com |
| |
|
| |
| |
|
WEBSITE DESIGN, DEVELOP AND MARKETED BY -
https://www.vaishnogsoftwares.com/
|
Copyright© FINNTAXXES.COM
|