![]() ![]() CTC includes the basic salary, all the allowances/ benefits and the employer’s contribution to retirement benefits. Difference between CTC and Take Home SalaryĬTC stands for Cost to Company, which is the cost company bears for an employee. Of course, the applicability of ITR depends upon all the sources of income but salary income can be filed in all these ITRs. Moreover, this is an inclusive and not an exhaustive list.Ī salaried individual can file ITR 1, ITR 2, ITR 3, and ITR 4. Compensation as a result of variation in Service contract etc.Contribution of the employer to a Recognised Provident Fund in excess of the prescribed limit.Amount transferred from unrecognized provident fund to recognized provident fund.Fees, Commission, allowances, perquisites or profits in lieu of salary.Pension received by you after your retirement (not family pension) is also a part of the head Salary Income.īelow are the components of salary income: An amount received from your employer in the form of bonus, allowance, perquisites, etc. Salary Income is the paycheque you get every month from your employer. Document Checklist for Filing ITR for Income from Salary.Tax Rates applicable for Income from Salary.How to Calculate the Tax on Income from Salary?.Which ITR should a Salaried Person File?.Understanding Salary Slip and its Format.Difference between CTC and Take Home Salary.
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