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Information Technology Labour Laws

Sample Salary Structure for a company

Model salary structure for a Company

Salary for the purposes of Income tax Act is defined to include:
  • Wages
  • Any annuity or pension
  • Any gratuity
  • Any fees, compensation, perquisites or profits in lieu of or in addition to any salary or wages
  • Any advance of salary
  • Any payment received by an employee in respect of any period or leave not availed of
  • The annual accretion to the balance at the credit of an employee participating in a recognized provident fund, to the extent to which it is chargeable to tax
  • The aggregate of all sums that are comprised in the transferred balance of an employee participating in a recognized provident to the extent to which it is chargeable to tax.
Salary under the Income Tax is chargeable to tax in the following circumstances: -
  • When due from the former employer or present employer in the in the previous year, whether paid or not.
  • When paid or allowed in the previous year, by or behalf of a former employer or present employer, though not due or before it becomes due.
  • When arrears of salary is paid in the previous year by or on behalf of a former employer or present employer, if not charged to tax in the period to which it relates.
It is pertinent to mention that for an income to be assessable under the head Salary an employer- employee relationship is essential.

The amount of compensation decided to be paid to an employee and can be structured under different sub-heads keeping in mind the tax implications thereof.

The compensation paid to an employee can be structured under the following heads:
  • Salary:
    • Basic Salary: the tax treatment of the said sub-head is governed by section 15 of the Income Tax Act.

    • Dearness Allowance/Pay: Dearness Allowances are the allowances/pay given to the employees to meet the cost of living increasing day –by-day and the same is fully taxable as per the provisions of section 15 of Income Tax Act.


  • Allowances: are generally defined as a fixed quantity of money or other substances given regularly for the purpose of meeting some particular requirements connected with the service rendered by the employee or as a compensation for unusual conditions of that service. The said Allowances can be granted under the following sub-heads:

 

 
 


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