BareLaws
SECTION

Section 17 — “Salary”, “perquisite” and “profits in lieu of salary” defined

From: The Income-tax Act, 1961

17. “Salary”, “perquisite” and “profits in lieu of salary” defined. -For the purposes of section s 15 and 16 and of this section, -

(1)“salary” includes -
(i)wages;
(ii)any annuity or pension;
(iii)any gratuity;
(iv)any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages;
(v)any advance of salary; 9[(va) any payment received by an employee in respect of any period of leave not availed of by him;]
(vi)the annual accretion to the balance at the credit of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under rule 6 of Part A of the Fourth Schedule;
(vii)the aggreg ate of all sums that are comprised in the transferred balance as referred to in sub-rule (2) of rule 11 of Part A of the Fourth Schedule of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under sub -rule (4) thereof; and