The income received by me from my employer does not fit into any of the items specified in Section 15 and 17 of the IT Act. In that case, is my income still taxable as Salary income?
Section 15 of the Income Tax Act contains
all the conditions in which the income received or accrued can be classified under
‘Salary’ for tax treatment. It also tells us how the tax thereon should be
paid. Section 17 defines
what incomes will be treated as Salary what will be excluded, and also defines
their tax treatment. The definitions of various items specified in section 17
are exhaustive and comprehensive. They are also inclusive of the items which
are not specified in any of the respective sections. Therefore, if the income
received from the employer satisfies the criteria of receipt on account of
'employer-employee' relationship, then the income qualifies as 'Income from Salary'.
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