INCOME FROM THE HEAD "SALARY" | INCOME TAX | CA JOSE KURIAN | MALAYALAM REVISION - PART 2 скачать в хорошем качестве

INCOME FROM THE HEAD "SALARY" | INCOME TAX | CA JOSE KURIAN | MALAYALAM REVISION - PART 2

📌 Stay tuned for more high-quality videos covering a wide range of subjects related to the CA/CMA curriculum. Don't forget to subscribe to our channel, hit the notification bell, and give this video a thumbs up if you found it helpful. 📢 Connect with us on social media: Visit- class.cajosekurian.com Download our App- www.cajosekurian.com/app Telegram Channel- www.cajosekurian.com/telegram Instagram- www.cajosekurian.com/instagram Facebook- www.cajosekurian.com/ YouTube Channel - @CAJOSEKURIAN #directtaxrevision #directtax #taxrates #caexams #cafinal #cmafinal #cmainter #cainter #icai #icaistudents #icaistudymaterial #icaica #cmafinal #cmainter #cmainterexam Thank you for choosing our channel as your learning resource. Let's dive into the understanding place of effective management under Income Tax and boost your exam preparation! 💪📚 Income under the head "Salary" refers to the earnings an individual receives as compensation for their employment or services rendered to an employer. It includes wages, salaries, bonuses, commissions, allowances, perquisites, and any other monetary benefits received by an employee. When calculating income tax on salary, various components are considered. Some of the common components include: Basic Salary: The fixed amount of money received by an employee for their services. Dearness Allowance (DA): A cost of living adjustment paid to employees to mitigate the impact of inflation. House Rent Allowance (HRA): An allowance given to employees to cover their rental expenses. Conveyance Allowance: An allowance provided to employees to cover their commuting expenses. Leave Travel Allowance (LTA): An allowance granted to employees to cover their travel expenses during leave. Medical Allowance: An allowance given to employees to cover their medical expenses. Bonus and Commission: Additional payments made to employees based on their performance or sales targets. It's important to note that certain allowances, such as HRA, LTA, and medical allowance, are partially or fully exempt from income tax based on specified conditions and limits set by the tax laws in your country. These exemptions may vary depending on the tax regulations of your jurisdiction. To determine the taxable income under the head "Salary," the exemptions allowed by the tax laws are subtracted from the total salary earned. After that, the applicable income tax rates are applied to the remaining taxable income to calculate the income tax liability.