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of <h1>Clarification on 'Salary' and 'Year' Interpretation in Section 10(10) of Income Tax Act Before Finance Act, 1974.</h1> The circular clarifies the interpretation of 'salary' and 'year' in section 10(10) of the Income Tax Act prior to the Finance Act, 1974. 'Salary' includes only periodic payments for services, excluding allowances or perquisites, unless dearness allowance is merged with salary. 'Year' refers to the calendar year as per the General Clauses Act, 1897, except when used in 'year of completed service,' which means a 12-month period from the employee's start date. The circular also outlines that gratuity received from a private employer is exempt from income tax to certain limits based on average salary calculations over the preceding three calendar years.
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