Salaries exemption excludes section 17(2) application for low income employees, distinguishing monetary pay from non monetary perquisites. The amendment inserts a proviso into clause (2) of section 17 excluding from that clause any employee whose income under the head "Salaries", exclusive of ... Summary
Salaries exemption excludes section 17(2) application for low income employees, distinguishing monetary pay from non monetary perquisites.
The amendment inserts a proviso into clause (2) of section 17 excluding from that clause any employee whose income under the head "Salaries", exclusive of the value of non-monetary perquisites, does not exceed a specified threshold for the relevant assessment year, thereby creating a temporary employee income threshold exemption and distinguishing monetary salary from non-monetary perquisites for that purpose.
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