Salary - Definition / Legal Terminology - Income Tax

Meaning of word Salary Salary is defined in Shorter Oxford Dictionary as follows: Fixed payment made periodically to a person as compensation for regular work; now usu. for non-manual or non-mechanical work (as opp. to wages). 2. Remuneration for services rendered; fee, honorarium, reward, recompense. In Webster s International Dictionary : 1. To pay (as a person) for something done: Recompense, Reward. 2a. To pay a salary to (a person): b. To attach a salary to (a position). In Black s Law Dictionary : A reward or recompense for services performed. In a more limited sense a fixed periodical compensation paid for services rendered;...... As per clause (1) of section 17 of the Income-tax Act, 1961 - For the Purposes of sections 15 and 16 and of this section,- 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; (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 aggregate 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 (viii) the contribution made by the Central Government or any other employer in the previous year, to the account of an employee under a pension scheme referred to in section 80CCD; (ix) the contribution made by the Central Government in the previous year, to the Agniveer Corpus Fund account of an individual enrolled in the Agnipath Scheme referred to in section 80CCH;