CA Aashish Ramchand

Tax Planning for Salaried and Individual People

Income Tax - The general perception when it comes to salaried employees is that there isn't much scope for saving tax. But that isn't true. In fact there are many avenues under the head Income from Salary in which tax savings are possible....

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All About Disallowance under Section 40(a)(3)

Income Tax - The income tax department in its endeavor to plug in tax evasion mechanisms has introduced section 40(a)(3). This section provides that any expenditure incurred by an assessee (whether individual, company, firm etc.) above Rs. 20000/- other than by account payee cheque or draft shall not be allowed as a deduction. Simply put, this section...

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Special Allowances Where Exemption Depends Upon Actual Expenditure By Employee

Income Tax - The following allowances are exempt under section 10(14) to the extent the amount is utilized for the specified purpose for which the allowance is received. In other words, in the cases given below the amount of exemption under section 10(14) is –...

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How to know residential status of Individual, HUF, Firm & Company under Income Tax Act

Income Tax - Basic conditions that need to be satisfied to check if an Individual is a resident in India are as follows:- 1) The person must be India in the previous year for a period of 182 days or more 2) The person is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately precedin...

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Pension to Salaried – Tax provisions

Income Tax - There are different situations in which pension is received by an employee. Accordingly the tax treatment for the same also differs. In a situation where pension is received by an employee after retirement but during his lifetime, it is chargeable to tax as follows –To discuss the tax treatment of the pension received, comprehensively, ...

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Recent Posts in "CA Aashish Ramchand"

Tax Planning for Salaried and Individual People

The general perception when it comes to salaried employees is that there isn't much scope for saving tax. But that isn't true. In fact there are many avenues under the head Income from Salary in which tax savings are possible....

Read More
Posted Under: Income Tax | ,

All About Disallowance under Section 40(a)(3)

The income tax department in its endeavor to plug in tax evasion mechanisms has introduced section 40(a)(3). This section provides that any expenditure incurred by an assessee (whether individual, company, firm etc.) above Rs. 20000/- other than by account payee cheque or draft shall not be allowed as a deduction. Simply put, this section...

Read More
Posted Under: Income Tax | ,

Special Allowances Where Exemption Depends Upon Actual Expenditure By Employee

The following allowances are exempt under section 10(14) to the extent the amount is utilized for the specified purpose for which the allowance is received. In other words, in the cases given below the amount of exemption under section 10(14) is –...

Read More
Posted Under: Income Tax | ,

How to know residential status of Individual, HUF, Firm & Company under Income Tax Act

Basic conditions that need to be satisfied to check if an Individual is a resident in India are as follows:- 1) The person must be India in the previous year for a period of 182 days or more 2) The person is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately precedin...

Read More
Posted Under: Income Tax | ,

Pension to Salaried – Tax provisions

There are different situations in which pension is received by an employee. Accordingly the tax treatment for the same also differs. In a situation where pension is received by an employee after retirement but during his lifetime, it is chargeable to tax as follows –To discuss the tax treatment of the pension received, comprehensively, ...

Read More
Posted Under: Income Tax | ,

Entertainment allowance & its deduction from salary

Entertainment allowance as per Section 16(ii) is first included in salary income under the head Salaries and thereafter a deduction is given on the basis enumerated in the following points: In the case of a Government employee (i.e., Central Government or a State Government employee), the least of the following is deductible:...

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Posted Under: Income Tax | ,

House Rent Allowance – Income Tax provisions

As per Section 10 (13A) and rule 2A exemption in respect of house rent allowance is based upon the following – 1) An amount equal to 50 per cent of the salary, where the residential house is situated at Bombay, Kolkata, Delhi or Chennai, and an amount equal to 40 per cent of the salary where the residential house is situated at any...

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Posted Under: Income Tax | ,

Salary Allowances in which Exemption do Not Depend Upon Expenditure

In the cases given below, the amount of exemption does not depend upon expenditure incurred by the employee. Regardless of the amount of expenditure, the allowances given below are exempt to the extent of –...

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Posted Under: Income Tax | ,

Interest on Home Loan on Self Occupied House –Tax benefits

If capital is borrowed for reconstruction, repairs or renewals of a house property), then the maximum amount of deduction on account of interest is Rs. 30,000 (and not Rs. 1,50,000)....

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Posted Under: Income Tax | ,

Valuation of Rent Free unfurnished accomodation

In this article I’ll be discussing the valuation of a rent free unfurnished accommodation given to an employee as a perquisite. The term accommodation includes a flat, farm house (or part thereof) or accommodation in a hotel, motel, service apartment, guest house, caravan, mobile home, ship or other floating structure. For the purpose o...

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Posted Under: Income Tax | ,
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