CA Aashish Ramchand

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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Valuation of perquisite in respect of Medical Facilities

Income Tax - 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....

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Pension to Salaried – Tax provisions

Income Tax - The tax treatment of pension in various cases is discussed below – 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...

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Valuation of Rent Free unfurnished accomodation

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...

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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...

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Recent Posts in "CA Aashish Ramchand"

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...

Read More
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....

Read More
Posted Under: Income Tax |

Pension to Salaried – Tax provisions

The tax treatment of pension in various cases is discussed below – 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...

Read More
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...

Read More
Posted Under: Income Tax | ,

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...

Read More
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 a...

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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...

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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...

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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. 2,00,000)....

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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....

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Posted Under: Income Tax | ,

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