The term ‘Salary’ signifies any consideration given to employee by his employer. Any income is known as Salary if relationship between Payer and Payee is of Employer & Employee.

 

Some of the Components of your Salary: 

  • Basic Salary
  • House Rent Allowance (HRA) – deductible benefit towards rent paid by employee
  • Conveyance Allowance – maximum deductible benefit of Rs.15,000 p.a. towards conveyance related expense. 
  • Leave Travel Allowance – 
  • Medical Reimbursement etc – maximum deductible benefit of Rs.25,000 p.a. towards medical expenses by employee. 

 

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