A minimum wage earners (MWE) as defined in Section 22(HH) of the Revenue Code shall be exempt from the payment of income tax on their taxable income:Provided, further, That the holiday pay, overtime pay, night shift differential pay and hazard pay received by such minimum wage earners shall likewise be exempt from income tax.

TAXES

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	True
B	False
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -Minimum wages have been defined as “the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract”.

Detailed explanation-2: -If your income is below ₹2.5 lakh, you do not have to file Income Tax Returns (ITR).

Detailed explanation-3: -Nontaxable income won’t be taxed, whether or not you enter it on your tax return. The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer.

Detailed explanation-4: -Income excluded from the IRS’s calculation of your income tax includes life insurance death benefit proceeds, child support, welfare, and municipal bond income. The exclusion rule is generally, if your “income” cannot be used as or to acquire food or shelter, it’s not taxable.

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MANAGEMENT

BUISENESS MANAGEMENT

TAXES