Correct option is C
According to Section 17(1) of the Income Tax Act, the following components are included in Salary: a. Wages: This refers to the monetary compensation received by an employee in exchange for their services rendered to an employer. b. Any pension or annuity: This includes any regular payment received by an individual upon retirement or as a result of a previous employment agreement, usually provided by an employer or a pension scheme. d. Any gratuity: Gratuity is a sum of money given to an employee by their employer as a token of appreciation for their long and meritorious service. It is usually paid at the time of retirement, resignation, or death. e. Any advance of salary: This refers to any amount received by an employee in advance of their regular salary payment, which is adjusted against future salary payments. c. Any interest from Government securities: This option is not included in Salary as per Section 17(1) of the Income Tax Act. Therefore, the correct answer is C. a, b, d, and e only.
English
10 Questions
20 Marks
12 Mins
