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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