CA Aashish Ramchand

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

Income Tax - Treatment of expenditures incurred by an assessee in excess of Rs. 20000/- (wef A.Y. 2018-19 Rs 10000/-) in cash or bearer cheque under section 40(A)(3) of the Income Tax Act, 1961...

House Rent Allowance – Income Tax provisions

Income Tax - In this article I have discussed provisions regarding exemption from House Rent Allowance -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 am...

Pension to Salaried – Tax provisions

Income Tax - To discuss the tax treatment of the pension received, comprehensively, the employees have been divided in two types, government and non-government. Even the pension received can be of two types, commuted and uncommuted....

Valuation of Rent Free Accommodation

Income Tax - 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...

Salary Allowances in which Exemption do Not Depend Upon Expenditure

Income Tax - 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 –1) The amount of allowance; or 2) The amount specified in rule 2BB, whichever is lower.On the above basis, exemption is available...

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Recent Posts in "CA Aashish Ramchand"

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

Treatment of expenditures incurred by an assessee in excess of Rs. 20000/- (wef A.Y. 2018-19 Rs 10000/-) in cash or bearer cheque under section 40(A)(3) of the Income Tax Act, 1961...

Posted Under: Income Tax | ,

House Rent Allowance – Income Tax provisions

In this article I have discussed provisions regarding exemption from House Rent Allowance -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 am...

Posted Under: Income Tax | ,

Pension to Salaried – Tax provisions

To discuss the tax treatment of the pension received, comprehensively, the employees have been divided in two types, government and non-government. Even the pension received can be of two types, commuted and uncommuted....

Posted Under: Income Tax |

Valuation of Rent Free Accommodation

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...

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 –1) The amount of allowance; or 2) The amount specified in rule 2BB, whichever is lower.On the above basis, exemption is available...

Posted Under: Income Tax |

Valuation of perquisite in respect of Medical Facilities

1. Fixed medical allowance is always chargeable to tax. 2. The perquisite in respect of medical facility provided by an employer in the following hospitals/clinic is not chargeable to tax – a) Hospital owned/maintained by the employer. b) Hospital of Central Government/ State Government/ local authority....

Posted Under: Income Tax |

Entertainment allowance & its deduction from salary

The provisions regarding the entertainment allowance and its deduction from salary are discussed below – 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...

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 preceding the previ...

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. 2,00,000)....

Posted Under: Income Tax | ,

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....

Posted Under: Income Tax | ,

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