How Salary Income is taxable

 What is considered as salary income?

• ​​​​​​​​​ Section 17​​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary.

• What are allowances?

  ​​Allowances are fixed periodic amounts, apart from salary, which are paid by an employer for the purpose of meeting some particular requirements of the employee.  E.g., Tiffin allowance, transport allowance, uniform allowance, etc.

  There are generally three types of allowances for the purpose of the Income-tax Act - taxable allowances, fully exempted allowances and partially exempted allowances.​ 

  Perquisites are benefits received by a person as a result of his/her official position and are over and above the salary or wages. These perquisites can be taxable or non-taxable depending upon their nature. . Uniform allowance is exempt to the extent of expenditure incurred for official purposes u/s​ 10​(14).
  

• My employer reimburses to me all my expenses on grocery and children’s education. Would these be considered as my income?

I have purchased land , What Income Tax compliance I have to do for such land purchased?

• Tax is deductible (TDS) when buyer paid consideration exceeding the Rs 50 lakhs at the time of credit of such amount to the seller or at the time of making payment. 
• For the purpose of computation of threshold limit GST will be included.
• Tax deduction rate is .01 percent In case PAN is not available rate will be 5 percent.

• I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?
  ​​​As mentioned in ITR form, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
• I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?
  ​​The details of property and name of buyer should invariably be mentioned. However, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
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