Section 17 2 Of Income Tax
I the value of rent free accommodation provided to the assessee by his employer.
Section 17 2 of income tax. The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail. Chapter iv sections 14 59 of income tax act 1961 deals with provisions related to computation of total income. The value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer sec.
In the context of salary income perquisite means any benefit provided by the employer to the employee. Section 17 1 is one of the most important provisions in the income tax act. Section 17 in the income tax act 1995.
Chargeable to income tax under section 18 bear to the gross receipts from all sources which are included in the profit and loss account of the company. Salary perquisite and profits in lieu of salary defined 3for the purposes of sections 15 and 16 and of this section. The term perquisite is defined in section 17 2.
Section 17 1 defines what incomes will be treated as salary what will be excluded. 2 perquisite includes. Section 17 2 in the income tax act 1995.
Section 17 of income tax act 1961 2017 provides for salary perquisite and profits in lieu of salary defined. All cash allowance is included and hence taxable under section 17 2 of income tax act. 2 the expenses.
Section 17 1 of income tax act 1961 india deals with the basic definition of salary. City compensatory allowance bad climate allowance shift allowance and incentive bonus are included as perquisites under section 17 2 of income tax act. As per section 17 2 perquisite includes.