Section 17 of ITA, 1961 : Section 17: Salary, Perquisite And Profits In Lieu Of Salary Defined
ITA, 1961
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Explanation using Example
Example Scenario:
Raj is an employee at a software company in Mumbai. His employer provides him with the following benefits:
- A salary of ₹1,00,000 per month.
- Rent-free accommodation in a company-owned apartment, which would typically rent for ₹30,000 per month.
- A company car for personal and official use.
- An annual bonus of ₹2,00,000.
- Contribution to a pension scheme under section 80CCD exceeding ₹1,00,000.
Under Section 17 of the In...
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