Performa of computing Taxable Salary

Format of computing Income from Salaries

  1. Salary / Wages
  2. Dearness allowance/Dearness pay
  3. Bonus
  4. Fees
  5. Commission
  6. Pension
  7. Employer’s contribution in excess of 12 % of salary to R.P.F
  8. Interest in excess of 8.5 % on R.P.F
  9. Taxable allowances
  10. Value of taxable perquisites
  11.  Taxable part of Gratuity
  12. Taxable part of Encashment of Earned Leave
  13. Taxable part of retrenchment compensation-if retrenched
  14. Taxable part of voluntary retirement-if voluntary retired
  15. Taxable part of commutation of pension
  16. Taxable part of compensation received
  17. Lump-sum received from unrecognized provident fund:
  • Share of employer
  • Interest on share of employer

GROSS SALARY

LESS:

  1. Entertainment Allowance(Only to government employees, maximum rs 5,000)
  2. Professional Tax

TAXABLE SALARY

 

 

 

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