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of <h1>Comprehensive Tax Guidelines Reveal Detailed Salary, Perquisites, and Employment Compensation Definitions Under Section 17</h1> Section 17 of the Income Tax Act, 1961 comprehensively defines 'salary', 'perquisite', and 'profits in lieu of salary' for taxation purposes. It details various components including wages, annuities, gratuities, advances, provident fund contributions, and other monetary and non-monetary benefits received by employees. The section provides extensive guidelines for calculating taxable income, covering aspects like rent-free accommodation, medical benefits, insurance, and other employment-related compensation, with specific exemptions and conditions for different types of payments and benefits.
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