https://www.taxtmi.com/article/detailed?id=617 The proposed Direct Tax Code treats income from employment as broadly inclusive of wages, allowances, perquisites, employer contributions and retirement receipts, computing taxable salary on a gross basis with only narrowly prescribed deductions. Employer contributions and accretions to permitted savings intermediaries will be included in income when made unless held in prescribed Retirement Benefit Accounts, but any withdrawal or redemption from such accounts will be taxable in the year of receipt. Many existing exemptions for salaried taxpayers will be removed and perquisites will be valued and taxed. en-us Mon, 28 Dec 2009 00:00:00 +0530 Mon, 28 Dec 2009 14:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=617 The proposed Direct Tax Code treats income from employment as broadly inclusive of wages, allowances, perquisites, employer contributions and retirement receipts, computing taxable salary on a gross basis with only narrowly prescribed deductions. Employer contributions and accretions to permitted savings intermediaries will be included in income when made unless held in prescribed Retirement Benefit Accounts, but any withdrawal or redemption from such accounts will be taxable in the year of receipt. Many existing exemptions for salaried taxpayers will be removed and perquisites will be valued and taxed. Articles Income Tax Mon, 28 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=617