Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
Page 14 Of 49
Go to:
Section 10 deals with the incomes not to be included in total income.
Section 17 deals with the components of salary, perquisite/s and profits in lieu of salary.
Employers contribution to the recognized PF is not treated as income provided it does not exceed 10% of the salary of the employee.
Employers contribution to the extent of 8(1/3) % of the salary will not be treated as taxable perquisite in the hands of the employees.
Section 35DDA: Amortisation of expenditure incurred under voluntary retirement scheme: Where an assessee incurs any expenditure in any previous year by way of payment of any sum to an employee his voluntary retirement, in accordance with any scheme or schemes of voluntary retirement, one-fifty of the amount so paid shall be deducted in computing the profits and gains of the business for that previous year, and the balance shall be deducted in equal installments for each of the four immediately succeeding previous years.
MODELEXAM® 
www.realsoftinfoplan.com