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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
