Understand the benefits of approved superannuation funds and the tax exemptions available under section 10(13) of the Income Tax Act.
Applicability of Clubbing Provisions on remuneration income of Spouse from a Concern in which other Spouse has Substantial Interest ‘Substantial Interest’ by an Individual – Meaning The following are the two cases where it can be said that an individual has a “substantial interest”— In the case of a company – Where an individual beneficially holds […]
Exemption for amount received from Statutory and Recognized Provident Fund Provisions of section 10(11) of the Income Tax Act exempts any payment received from the ‘Statutory Provident Fund’, whereas, provisions of section 10(12) of the Income Tax Act exempts the accumulated balance payable to an employee participating in the ‘Recognized Provident Fund’. The present article […]
As we aware that, lots of times we faced may difficulties regarding E-filing, refund, rectification, etc but we usually avoid to complaint against it thinking in a way that the process is very much lengthier or tedious and hence Income tax Department has been come up with solution to our this problem which is called […]
As we know, various benefits are attached to the life insurance policy, and tax benefit is one such key benefit. The tax benefit is available in terms of income tax deduction and income tax exemption. Provisions of section 80C offer the income tax deduction, whereas, provisions of section 10(10D) provides the income tax exemption. Under […]
As per section 61 of the Income Tax Act, if an asset is transferred under a ‘revocable transfer’ then the income arising from such asset is taxable in the hands of the transferor. The purpose of such kind of transfer includes any trust settlement, covenant, agreement or arrangement. When a transfer is considered Revocable As […]
Clubbing Provisions on the income from the asset transferred to Spouse Clubbing of income means the inclusion of income of a person in the gross total income of the major earner while computing his/her taxable income. In general, these clubbing provisions are applicable among family members. The income of a spouse, child are clubbed together […]
Discover the exemption provisions of section 10(10CC) of the Income Tax Act. Learn how employers can save on non-monetary perquisite taxes for employees.
In computing the gross total income of an individual after 31.05.1973, income arising whether directly or indirectly from the assets transferred to son’s wife for inadequate consideration shall be clubbed in the income of that individual.
Any amount received / receivable by a specified category of an employee under the voluntary retirement scheme or under the voluntary separation scheme is exempted under section 10(10C) of the Income Tax Act. Under the present article, exemption provisions of section 10(10C) are taken up and explained meticulously. Provisions of section 10(10C)– Provisions of section […]
