Wages

Tax Glossary Definition

Wages

Wages – Monetary compensation paid to employees for their services, including basic pay, allowances, and bonuses. Wages are fully taxable under the head “Salary” unless specifically exempted under the Income Tax Act.

Example: Basic salary ₹50,000 plus HRA ₹10,000 per month; both included in taxable income, subject to HRA exemptions

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