Hello,
I would like to request information on the following:
1) Is incentive taxable?
2) Is incentive different from a bonus?
3) When referring to Gross Salary, does it include Extra Work, or is it only HRA+Basic+Conveyance+other allowances?
4) If the rent paid for an office, let's say Rs. 15,000/- to a single person, is there any exemption (when calculated annually), and what would be the TDS that needs to be deducted?
Thank you in anticipation.
Regards,
Shylaja
From India, Bangalore
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I would like to request information on the following:
1) Is incentive taxable?
2) Is incentive different from a bonus?
3) When referring to Gross Salary, does it include Extra Work, or is it only HRA+Basic+Conveyance+other allowances?
4) If the rent paid for an office, let's say Rs. 15,000/- to a single person, is there any exemption (when calculated annually), and what would be the TDS that needs to be deducted?
Thank you in anticipation.
Regards,
Shylaja
From India, Bangalore
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Hi All, Even i do have the same question from my side. Are you able to give some suggesions to me about this topic. looking forward from you all. Regards, Shanthi
From India, Bangalore
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From India, Bangalore
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Hi,
As per your question, I would like to help you check it.
1) Bonus and Incentive are different. Bonus comes under statutory obligations, but incentives are not covered as they depend upon employee performance. The quantum is not fixed.
2) The threshold limit for rent is INR 120,000 annually. The rate is 15.995% for HUF and individuals.
3) Gross salary includes Basic, HRA, Allowances, and PF Contribution.
From India, Bharuch
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As per your question, I would like to help you check it.
1) Bonus and Incentive are different. Bonus comes under statutory obligations, but incentives are not covered as they depend upon employee performance. The quantum is not fixed.
2) The threshold limit for rent is INR 120,000 annually. The rate is 15.995% for HUF and individuals.
3) Gross salary includes Basic, HRA, Allowances, and PF Contribution.
From India, Bharuch
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Professionl Tax challan (Employee).xls
Employee's Compensation Act-2009.pdf