Salary is the regular payment provided by the employer to the employee for their labour. The salaries would be specified in the job contract, with payments generally made once a month. The pay structure is made up of the following elements: Minimum Wage Allowance for House Rent Allowance for Travel While on Leave Exceptional Allowance Professional Tax Bonus However in this salary comes a deduction allowed from taxable income as per section 16 of the Income Tax Act of 1961 It allows for ordinary deductions, entertainment allowances, and professional tax deductions. A salaried taxpayer can use this deduction ...Read more
