Monday, March 20, 2017

Income Under the Head Salaries

Unit – 3: Computation of Income from Salary
Q.1. What Constitutes Salary Under sec. 17 of Income tax act, 1961? Explain the essentials (Basis) for taxability of income under the head salary.
Ans: Meaning of Salary under Sec. 17
"Salary" is the remuneration received by or accruing to an individual, periodically, for service rendered as a result of an express or implied contract. The actual receipt of salary in the previous year is not material as far as its taxability is concerned. The existence of employer-employee relationship is the sine-qua-non for taxing a particular receipt under the head “salaries.”
For the purpose of Income Tax, “Salary” includes [Sec. 17(1)]:
Ø  Wages
Ø  Annuity or pension
Ø  Gratuity
Ø  Fees, Commission, perquisites or profits in lieu of salary
Ø  Advance of Salary
Ø  Receipt from Provident Fund
Ø  Contribution of employer to a Recognised Provident Fund in excess of the prescribed limit
Ø  Leave Encashment
Ø  Compensation as a result of variation in Service contract etc.

Note:
a. only receipts from employer are taxable under this head, others excluded.
b. If salary forgone under legal obligations it is exempted, but if foregone voluntarily, it is taxable.
c. salary received after cessation of employment is taxable.
d. Salary in lieu of notice is taxable.
e. Salary is always shown on gross basis i.e. after adding amount of contribution already deducted with salary.

Essentials for Taxability of an Income Under the head “Salary”:
1)      Employer and employee relationship: An income can be taxed under the head "Salaries" only if there is a relationship of an employer and employee between the payer and the payee. An employer is one who not only directs what and when a thing is to be done but how it is to be done, and the employee is one who is bound to carry out the instruction given to him by such employer. Exceptions:
a)      Salary of a member of parliament — Taxable under the head other sources. However, salary of a Cabinet Minister or Chief Minister is taxable under the head salary.
b)      Salary of a partner in the same has been allowed to the firm — Taxable under the head PGBP
c)       Salary of a guest lecturer — Taxable under the head other sources
2)      Place for accrual of Salary: Salary will be deemed to accrue or arise at a place where the services are rendered.
Exception: Salary receivable by a citizen of India who is a Government employee and who is posted outside India shall be deemed to accrue or arise in India although services are rendered outside India. However, overseas allowances and perquisites received outside India by him shall be exempt under section 10(7).
3)      Basis of Charge: As per section 15, the following income shall be chargeable to income-tax under the head "Salaries":
(a)    any salary due from an employer or a former employer to an assessee in the previous year, whether paid in that previous year or not;
(b)   any salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer though not due in that previous year or before it became due to him;
(c)    Any arrears of salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer, if not charged to Income-tax in any earlier previous year.
4)      If salaries are received after certain deductions made by the employer on account of professional tax, contribution to PF, TDS etc., the salary will be Gross salary due to the employee.
5)      Voluntary foregoing of salary is taxable whether it is paid or not but voluntary surrender of salaries is exempted from tax.
6)      Salary is taxable on due or receipt basis whichever is earlier.
Q.2. What is Allowances? What are its various types?
Ans: Allowances [Section 17(3)]:
The term allowance has been derived from the word “To allow”. As per oxford dictionary the word “Allowance” means “any amount or sum allowed regularly”. As such allowances are given in cash along with salary by the employer. These allowances are given to an employee to meet some specific type of loss or expenditure of the employee or to help him to meet certain type of expenses. These are divided into various categories based on the basis of their tax treatment. These are:
(i) Allowances for performance of official duties are exempt to the extent of actual amount received or the amount spent for the performance of the duties of an office or employment of profit, whichever is less. These allowances are:
a.      Conveyance allowance
b.      Helper allowance
c.       Academic research allowance
d.      Uniform allowance
e.       Travelling allowance
(ii) Partly taxable allowance
House Rent Allowance Section 10(13A) and Rule 2A: HRA is exempt under section 10(13A) to the extent of the minimum of the following three amounts:
House situated in Delhi, Mumbai Chennai & Kolkata
House situated in any other city
Minimum of the following 3 limits
Minimum of the following 3 limits
(i) Allowance actually received; or
(i)    Allowance actually received; or
(ii) Rent paid in excess of 10% of salary; or
(ii)    Rent paid in excess of 10% of salary; or
(iii) 50% of salary
(iii)   40% of salary
Meaning of salary: Basic salary plus D.A. to the extent the terms of employment so provide plus commission if fixed percentage of turnover. Salary is to be taken on due basis.
Some other allowances are:
Nature of benefit/allowance/perquisite
Amount of exemption
                (i)            Children education allowance
Rs. 100 p.m. per child for a maximum of 2 children
                (ii)           Hostel expenditure allowance
Rs. 300 p.m. per child for a maximum of 2 children
                (iii)          Special compensatory (Tribal area/ Schedule area/Agency area) allowance
Rs. 200 p.m.
                (iv)         Transport allowance
Rs. 800 p.m. but for handicapped employees Rs. 1600 p.m.
                (v)          Allowance to transport employees
70% of the allowance, maximum Rs. 6000 p.m.
                (vi)         Underground allowance
Rs. 800 p.m.
(iii) Fully exempted allowance
a.      Allowances to a citizen of India, who is a Government employee, rendering services outside India. [Section 10(7)]
b.      Allowances to High Court judges
c.       Sumptuary allowance given to High Court and the Supreme Court judges.
d.      Allowance received by an employee of UNO from his employer.
(iv) Fully taxable allowance: All other allowances excepting those discussed above are fully taxable. Some of such allowances are enumerated as under:
a.      Dearness Allowance (DA)
b.      City Compensatory Allowance (CCA)
c.       Medical Allowance: Fully taxable.
d.      Lunch Allowance/Tiffin allowance
e.       Overtime Allowance
f.        Servant Allowance
g.      Warden Allowance
h.      Non-practicing Allowance
i.         Family Allowance
j.        Entertainment allowance. But in case of government employee’s a deduction is allowed u/s 16(ii) at the least of the following:
(a)    Statutory limit: 5000
(b)   1/5th of basic salary
(c)    Actual entertainment allowance
Q.3. Define ‘perquisite’ as per income tax act. What are its various types? Explain how perquisites are taxable in the hand of employee.
Perquisites (Sec. 17[2]):
The term perquisite is defined to signify some benefit in addition to the amount that may be legally due by way of contract of services rendered. Section 17(2) gives an inclusive definition of perquisites. As per the Terms of Section 17(2), Perquisites Includes:
(i) The value of rent-free accommodation provided (used or not) to the assessee by his employer;
(ii) The value of any concession in the matter of rent respecting any accommodation provided (used or not) to the assessee by his employer;
(iii) The value of any benefit or amenity granted or provided (used or not) free of cost or at concessional rate in any of the following cases (specified employee):
(a) By a company to an employee, who is a director thereof;
(b) By a company to an employee being a person who has a substantial interest in the company;
‘Substantial Interest’ : In relation to a company, means a person who is the beneficial owner of shares, not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits, carrying not less than 20% of the voting power.
(c) by any employer (including a company) to an employee to whom the provision of clause (a) and (b) do not apply and whose income under the head of Salaries (whether due from, or paid or allowed by, one or more employer), exclusive of the value of all benefits or amenities not provided for by way of monetary payment, exceeds Rs. 50,000.
(iv) Any sum actually paid by the employer in respect of any obligation on behalf of the employee;
(v) any sum payable (not necessarily paid) by the employer to effect an assurance on the life of the employee or to effect a contract for an annuity;
(vi) the value of any other fringe benefit or amenity as may be prescribed.
The perquisites can be divided into three categories:
1.       Perquisites which are taxable for all employees
2.       Perquisites which are fully exempted
3.       Perquisites which are taxable for specified employees only
1. Perquisites which are taxable for all employees:
Ø  Rent fee accommodation or House at concessional rate.
Ø  Obligation of employee met by employer e.g. professional Tax and Income Tax paid by employer.
Ø  Amount payable by an employer to effort an assurance on the life of the assessee or to affect a contract for an annuity.
Ø  Domestic servants engaged by employee and salary paid by employer.
Ø  Gas water and electricity bills in the name of employee paid by the employer.
Ø  Interest free loan or loan at concessional rate.
Ø  Transfer of employers movable assets to the employees.
Ø  Use of employer’s movable assets other than lap top and computer.
Ø  Car or other conveyance owned by employee used for private purpose and expenses are met by employer.
Ø  Lunch or dinner provided by the employers in office hours is taxable.
Ø  Gift or gift voucher exceeding Rs. 5000  is taxable.
2. Perquisites which are fully exempted:
Ø  Medical facility in employer’s hospital, clinic, dispensary (or) nursing home to the members of employee’s family (spouse, children, dependent parents, dependent brother and sister).
Ø  Medical facility in a government hospital paid or reimbursed by the employer.
Ø  Any medical expenses paid (or) reimbursed by the employer to the employee for treatment in a hospital for notified diseases.
Ø  Mediclaim insurance premium paid (or) reimbursed by the employer to the employees in respect of med claim insurance policy on his own life or life of members of his family.
Ø  Refreshment provided by employee to all during office hours.
Ø  Recreation facilities provided by employer to employees.
Ø  Amount spent on training of employees. Cost of refresher course attended by employee, met by employer including expenditure of higher education or training India or abroad.
Ø  Goods manufactured and sold by employer to his employees at concessional rates.
Ø  Free telephones including mobile phone provided by the employer for personal or official purpose or official purpose etc.
Ø  Free education facility provided to the children of employee in an institution owned/maintained by employer provided fair value of education does not exceed Rs 1000.
Ø  Interest-fee/concessional loan of an amount not exceeding or loan taken for medical treatment of member of the family of employee.
Ø  Computer/laptop given to an employee for official/personal use.
Ø  Transfer of movable assents (other than computer, car or electronic items) to employee after using them for 10 years or more.
3. Perquisites which are taxable for specified employees only:
The following Perquisites are taxable in the hands of specified employees.
Ø  Domestic servants provided by employer.
Ø  Gas, electricity or water for household purpose provided by employer.
Ø  Education facility provided employer.
Ø  Leave travel concession
Ø  Car or any other automotive conveyance.
Ø  Transport facility by a transport under taking.
Taxability of Perquisites
A. Rent free furnished/unfurnished accommodation or House at concessional rent
a. For govt. employee: License fees fixed by government + 10% of cost of furniture or hire charges – amount recovered from employee.
b. For non- Government employee:
Population
Owned by employer
Hired by employer
If population is < 10 lakhs
If population is >10 lakhs but < 25 lakhs
If population is> 25 lakhs
7.5% of salary
10% of salary
15% of salary
Actual hire charges or 15% of salary whichever is less.
If furnished
Add 10% of cost or hire charges
Add 10% of cost or hire charges
If concessional house
Deduct amount recovered from employee
Deduct amount recovered from employee
Hotel accommodation (more than 15 days)
24% of salary or actual expenses whichever is lower
24% of salary or actual expenses whichever is lower
Meaning of salary
Basic + DP + DA which enters + fee + commission of all types + statutory bonus + all fully taxable allowance + salary in lieu of leave for current year but does not include arrears advance perquisites, provident fund excess, gratuitous bonus.
B. Discharging of any monetary obligation of employees: gas and electricity bill, education of children, income tax professional tax, salary of domestic servant, Life insurance premium = actual expenses met by employer
C. Annual contribution to approved superannuation fund = in excess of Rs. 100000
D. Interest free loan or loan at concessional rate = Interest charged by SBI on similar loan – amount recovered from employee. But it is exempted if loan amount is upto Rs. 20000 and if taken for medical treatment.
E. Gift vouchers upto Rs. 5000 is exempted
F. Credit card facility = total expenses – recovered from employee – used for official purpose
G.  Use of assets movable assets except computer or laptops= 10% of cost of assets (time basis)
H. Transfer of movable assets (Depreciation charged on year to year basis i.e. 12 months) =
Electronics = 50% p.a. on WDV basis
Motor car or other conveyance = 20% p.a. on WDV basis
Any other item = 10% p.a. on SLM basis
I. Car facility

Engine CC is upto  1.6 ltrs
Engine CC is above 1.6 ltrs
Car owned or hired by employer and expenses are met or reimburse by employer:
a. Used for Official Purpose
b. Used for Pvt. Purpose

C. Used for both

Car owned or hired by employer and expenses are met or reimburse by employer:
Nil
Actual expenses + salary of driver+10% of cost of car – amount recovered from employee
1800 p.m + 900 p. m. (salary to driver)
Car owned or hired by employer and expenses are met or reimburse by employer:
Nil
Actual expenses + salary of driver+10% of cost of car – amount recovered from employee
2400 p.m + 900 p. m. (salary to driver)
Car is owned by employee but its running and maintenance expenses are met or reimbursed by employer:
a. Used for Official Purpose
b. Used for both pvt. And official purpose


No value to be taxed
1800 p.m + 900 p. m. (salary to driver)


No Value to be taxed
2400 p.m + 900 p. m. (salary to driver)
Where any other vehicle owned by the employee but expenses met or reimbursed by the employer:
a. Used for Official Purpose
b. Used for both pvt. And official purpose



No value to be taxed
Actual expenditure – 900.



No value to be taxed
Actual expenditure – 900 p.m.
Free use of car between office and residence
No perquisite
No perquisite
Conveyance facility to high court and supreme court judges
Exempted
Exempted
More than one car provided by employer
One car @ Rs. 1800 p.m. + 900 p.m. and other car as deemed to be used for personal purpose and valued as mentioned above
One car @ Rs. 1800 p.m. + 900 p.m. and other car as deemed to be used for personal purpose and valued as mentioned above
J. Free education in employers own school or college for employee’s own children: if fair cost of education is less than Rs. 1000 then value of perk is to be taken as nil and if fair cost of education is more than Rs. 1000 p.m.  then value of perk is = cost of employer – 1000 p.m.
K. Medical facility or reimbursement of medical expenditure for self, family members and dependents in India:
(i) It is fully exempted if: (a) Facility provided in employers hospital (b) Reimbursement of treatment in private or unrecognised clinic up to Rs.15000 (c) Treatment in government hospital (d) Medical insurance premium paid under any approved scheme € Health insurance premium paid under notified scheme (sec. 88D)
(ii) If treatment is taken outside India, Expenses of stay and treatment with one attendant exempted upto amount allowed by RBI. Expenses of travelling with one attendant fully exempted if gross total income excluding such travelling expenses does not exceeds Rs. 200000
L. Refreshments: Free meals provided during office hours in business premises is exempt up to Rs.50 per meal Computer, laptops, landline given for official purpose
M. Transfer of movable assets which are more than 10 years old without any consideration is fully exempted.
Q. Explain the various types of Provident fund with their respective treatment as per Income Tax Act, 1961.
Ans: Types of Provident Fund
At present there are 4 types of provident funds:
a)      Statutory Provident Fund (SPF): This Fund is mainly meant for Government/University/Educational Institutes (affiliated to university) employees.
b)      Recognized Provident Fund (RPF): This scheme is applicable to an organization which employs 20 or more employees. An organization can also voluntarily opt for this scheme. All RPF schemes must be approved by The Commissioner of Income Tax. Here the company can either opt for government approved scheme or the employer and employees can together start a PF scheme by forming a Trust. The Trust so created shall invest funds in specified manner. The income of the trust shall also be exempt from income taxes.
c)       Unrecognized Provident Fund (URPF): Such schemes are those that are started by employer and employees in an establishment, but are not approved by The Commissioner of Income Tax. Since they are not recognized, URPF schemes have a different tax treatment as compared to RPFs.
d)      Public Provident Fund (PPF): This is a scheme under Public Provident Fund Act 1968. In this scheme even self-employed persons can make a contribution. The minimum contribution is Rs.500 per annum and the maximum contribution is Rs.1, 00,000 per annum. The contribution made along with interest earned is repayable after 15 years, unless extended.
Taxability of Provident Funds
Particulars
SPF
RPF
URPF
PPF
1. Employee's/ assessee's contribution
Deduction u/s 80C is available from gross total income subject to the limit specified therein
Deduction u/s 80C is available from gross total income subject to the limit specified therein
No deduction u/s 80C is available
Deduction u/s 80C is available from gross total income subject to the limit specified therein
2.Employer's contribution
Fully exempt from tax
Exempt up to 12% of salary. Amount in excess of 12% is included in gross salary.
Not exempt but also not taxable every year. For taxability see point 4 below
Not applicable as there is only assessee's own contribution
3. Interest on Provident Fund
Fully exempt from tax
Exempt u/s 10 up to 9.5% p.a. Interest credited in excess of 9.5% p.a. is included in gross salary
Not exempt but also not taxable every year. For taxability see point 4 below
Fully exempt
4.Repayment of lump sum amount on retirement / resignation /termination
Fully exempt u/s 10(11)
Exempt if the employee has rendered minimum 5 years of continuous service
Accumulated employee's contribution is not taxable Accumulated employer's contribution + interest on employer's contribution (till date) is taxable as profit in lieu of salary. Interest on employees contribution (till date) is taxable as income from other sources
Fully exempt. u/s 10(11)
Transferred Balance of Provident Fund: The balance of unrecognised fund which is transferred to recognised fund is called transferred balance.
Points to remember:
Ø  The fund will be treated as RPF from the date fund was instituted
Ø  The employer’s contribution to URPF shall qualify for exemption upto 12% of salary and excess shall be taxable.
Ø  Interest upto 9.5% is exempted, excess taxable
Ø  Salary means: basic + DP + DA (Which enters) + Commission on turnover
Q. Explain the provisions of the income – tax Act, 1961 with regard to the following:
Ø  Gratuity
Ø  Commuted and Uncommuted Pension
Ø  Voluntary Retirement Compensation
Ø  Approved Super Annuation fund
Ø  Encashment of earned leave
Ø  Relief u/s 89(1) of the Income tax Act.
Gratuity [Sec. 10(10)]
Government employees and employee of a local authority
Employees covered under  Gratuity Act
Any other employee
Fully exempt
Minimum of the following 3 limits:
Minimum of the following 3 limits:
(1) Actual gratuity received, or
(2) 15 day's salary for every completed year, or part thereof exceeding six months (7 day's salary for each season for an employee in a seasonal establishment); or
(3)Rs. 10,00,000
(1) Actual gratuity received, or
(2) Half months average salary of each completed year of service.
(3) Rs.10,00,000
Meaning of Salary:
(i) Basic salary plus Dearness allowance.
(ii) Last drawn salary (average salary of preceding three months in case of piece rated employee)
(iii) No. of days in a month to be taken as 26
Meaning of Salary:
(i) Basic Salary plus D.A. to the extent the terms of employment so provide Commission, if fixed percentage of turnover.
(ii) Average salary of last 10 months preceding the month in which event occurs.
(iii) Only completed year of service is to be taken.

Pension:
Uncommuted pension i.e. the periodical pension: It is fully taxable in the hands of all employees, whether government or non-government.
Commuted Pension: Exemption of commuted pension u/s 10(10A)
Govt. employees, employees of local authorities and employees of statutory corporations
Any other employee
Fully exempt
(a) If gratuity is not received: Commuted value of 1/2 of pension which he is normally entitled to receive is exempt.
(b) If gratuity is also received: Commuted value of 1/3rd of pension which he is normally entitled to receive is exempt.

Voluntary Retirement Compensation [Sec.10 (10C)]
Any compensation received or receivable from certain employers by the employee on voluntary retirement as per the guidelines of the Government is exempt to the extent minimum of the following limits:
Ø  Actual amount received
Ø  Rs. 5, 00,000 whichever is less.
Exemption shall be available, subject to the following conditions:
Ø  The compensation is received only at the time of voluntary retirement or termination of his services in accordance with any scheme or schemes of voluntary retirement or in the case of public sector Company, a scheme of voluntary separation. Even if the compensation is received in installments, the exemption shall be allowed.
Ø  The amount receivable on account of voluntary retirement or voluntary separation of the employee does not exceed: the amount equivalent to 3 months salary for each completed year of service; or Salary at the time of retirement multiplied by the balance months of service left before the date of his retirement on superannuation.
Approved super Annuation Fund [sec. 10 (13)]
The tax treatment as regards the contribution to and payment from the fund is as under:
Ø  Employee's contribution: Deduction is available under section 80C from gross total income.
Ø  Employer's contribution: Contribution by the employer to the approved superannuation fund is exempt upto Rs. 1, 00,000 per year per employee. If the contribution exceeds Rs. 1, 00,000 the balance shall be taxable in the hands of the employee.
Ø  Interest on accumulated balance: It is exempt from tax.
Any payment from an approved superannuation fund is exempt from tax if it is made on the following situations:
a)      on the death of a beneficiary to an employee
b)      in lieu of or in commutation of an annuity on his retirement at or after a specified age or on his becoming in capacitated prior to such retirement
c)       By way of refund of contribution on the death of beneficiary
Leave encashment on retirement [sec. 10(10AA)]
1. Leave encashed during service: fully taxable in which it is encashed
2. Leave encashed at the time of retirement
For govt. employee: fully exempted
For other employees: exempted upto minimum of the following
Ø  Notified limit Rs. 300000
Ø  Average salary x 10 months
Ø  Actual amount received
Ø  Average salary x no. of months leave due
Average salary = salary (Same as PF) for 10 months including the month of retirement / 10
Leave due is to be calculated taking one month leave or actual entitlement whichever is less
Relief under Section 89(1)
If employee received any portion of salary in arrears or on advance or received profit in lieu of salary, relief can be claimed u/s 89 (1).
Salary in arrears or advance, received in lump-sum is liable to tax in the year of receipt. Some relief is however allowed from tax on such receipts. Claiming of relief is optional and should be claimed only when it is advantageous to the claimant.
Calculation of relief u/s 89 when salary has been received in arrears or in advance
The relief on salary received in arrears or in advance (hereinafter to be refereed as additional salary is computed in the manner laid down in rule 21A (2) as under;
Ø  Calculate the tax payable on the total income, including the additional salary, of the relevant previous year in which the same is received.
Ø  Calculate the tax payable on the total income, excluding the additional salary, of the relevant previous year in which the additional salary is received.
Ø  Find out the difference between the tax at (1) and (2).
Ø  Compute the tax on the total income after including the additional salary in the previous year to which such salary relates.
Ø  Compute the tax on the total income after additional salary in the previous year to which such salary relates.
Ø  Find out the difference between tax at (4) and (5)
Ø  The excess of tax compute at (3) over tax computed at (6) is the amount of relief admissible under section 89. No relief is, however, admissible if tax computed at (3) is less then tax computed at (6). In such a case, the assessee- employee need not apply for relief.

If the additional salary relates to more than one previous year, salary would be spread over the previous year to which it pertains in the manner explained above.

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