The valuation of rent-free unfurnished accommodation under the Income Tax Act, 1961 depends on the
VALUATION OF PERQUISITES
Perquisite is a benefit or an advantage that an employee receives from his/her employer over
ENTERTAINMENT ALLOWANCE [SEC.16(ii)]
Entertainment allowance is a tax under income tax deduction available to government employees under Section
OTHER POINTS
Income from other sources is one of the five heads of income tax in India.
HOUSE RENT ALLOWANCE
House rent allowance (HRA) is a component of salary that is paid to an employee
IN CASE OF ANY OTHER EMPLOYEE [sec.10(10)]
Section 10(10) of the Income Tax Act, 1961 provides for exemption from tax on gratuity
IN THE CASE OF AN EMPLOYEE COVERED BY PAYMENT OF GRATUITY
Section 10(10) of the Income Tax Act, 1961 provides for exemption from income tax on
GRATUITY [sec.10(10)]
Gratuity is a payment made by an employer to an employee on the termination of
SCOPE OF EXCEMTION UNDER SECTION 10(10AA)
Section 10(10AA) of the Income Tax Act, 1961 provides for exemption from income tax on
MAXIUM AMOUNT NOT CHARGEABLE TO TAX AS SPECIFIED BY THE GOVERNMENT
The maximum amount not chargeable to tax as specified by the government under income tax