monthly basic salary definition
monthly basic salary means the income represented by the monthly salary paid to an employee and applicable to the grade, rank or position of that employee without the addition of any allowance or benefit paid in cash or given in kind to that employee or applicable to the grade, rank or position of that employee. [Inserted by the Internal Revenue (Amendment) Act, 2002 (Act 622), s.17]
monthly basic salary means the basic salary for a month, excluding special allowances, overtime payments, bonuses and all other extra compensation.