salary

Assessees having income from salary have to file return of income before July 31 of the assessment year. This is the `due date' prescribed in section 139(1) of the Income Tax Act, 1961. Self-employed businessmen and professionals, and those deriving income from let-out property too have to file their returns by this date. Full Article

Whether salary credited to a bank account in India for services rendered there by a non-resident was taxable in India? Full Article

Hundreds of listed companies regulated by SEBI may be paying crores of rupee in a year as salary to their CEOs, but the next chief of the market watchdog is going to get only Rs 3 lakh a month. The government has proposed a consolidated monthly salar Full Article

If the Direct Taxes Code Bill does not undergo further changes, employees in the lower tax bracket will get more retirement benefits, provided they opt for a higher basic salary. "Contributions made towards retirement benefits are linked to the basic salary. And the Bill has removed the existing cap on employers' contribution towards the superannuation fund," says Mayur Shah, associate director, Ernst & Young. Full Article

Any profits or gains arising from the transfer of a capital asset is taxable as ‘capital gains’ and is deemed to be the income of the tax payer in the financial year in which the transfer takes place. Similarly, income of every kind, which is not specifically taxed under any of the specified heads of income, like salary, house property, business income etc., and unless specifically exempt, is subject to tax under the head ‘income from other sources’. Full Article

The Central Board of Direct Taxes (CBDT) has recently amended vide Notification No. 41/2010 Dated 31/05/2010 the Income Tax Rules, 1962 (the Rules) in respect of the provisions relating to Tax Deduction at Source (TDS). The new Rules shall apply in respect of TDS on or after 1 April 2010. Full Article

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS), TDS certificate and filing of ‘statement of TDS’ (TDS return) vide Notification No. 41/2010; SO No. 1261(E) dated 31.05.2010. The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010. Full Article

These individuals, according to the RBI, may open, hold and maintain a foreign currency account with a bank outside India and receive the whole salary payable to him for the services rendered to the office/branch/subsidiary/joint venture in India of such foreign company, by credit to such account, provided that income-tax chargeable under the Income-tax Act, 1961, is paid on the entire salary as accrued in India. Full Article