TaxGuru Newsletter Subscription
Information You Can Rely On.
Income Tax - Along with the rest of the country, the salaried class waits for the annual budget to be announced each year. They look up to the government to provide them with higher take home pay by way of increase in tax free income and lowering of tax slabs. They also look for some relief through savings options providing tax benefits. Sometimes the...
Read MoreIncome Tax - The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must ensure proper tax planning during the year. Such deductions are allowed on the Gross Total Income (GTI), and income tax is levied on the balance income, […]...
Read MoreIncome Tax - Articles compiles List of benefits available to Salaried Persons for AY 2018-19 which includes 1. House Rent Allowance, Children Education Allowance, Hostel Expenditure Allowance, Transport Allowance and other allowances 2. Perquisites...
Read MoreIncome Tax - House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certain conditions, a part of HRA gets exempted under Section 10 (13A) of the Income-tax Act. The tax benefit on HRA is available only to a salaried individual who has the...
Read MoreIncome Tax - Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....
Read MoreIncome Tax - A government employee is not entitled to get House Rent Allowance(HRA) if he or she is residing with the spouse who has been alloted a government accommodation, the Delhi High Court said on Tuesday. The Court’s decision came on a petition filed by a government employee challenging the Centre’s order directing her to refund...
Read MoreMrs. Meena Vaswani Vs ACIT (ITAT Mumbai) - Assessee had claimed deduction u/s 10(13A) of 1961 Act which is a wrong claim as no rent was paid by the assessee and the said alleged rent of Rs. 31,500/- per month being paid to mother was shown only to take exemption of HRA u/s 10(13A) of 1961 Act. ...
Read MoreCommissioner of Income Tax, New Delhi Vs UK. Bose (Delhi High Court) - In the returns the assessee had claimed deduction under Section 10(13A) on the basis of the rent paid by him which has been debited from his salary directly. This Section exempts any special allowances specifically granted to an assessee by his employer to meet expenditure actually incurred on payme...
Read MoreCommissioner Of Income-Tax Vs P.D. Singhania (Allahabad High Court) - From a reading of the clauses (a) and (b) of the Explanation to section 10(13A), which were inserted by the Taxation Laws (Amendment) Act, 1984 with retrospective effect from 1-4-1976, it is absolutely clear that in order to claim deduction under sub-section (13A)...
Read MoreACIT Vs Hughes Software Systems Ltd. (ITAT Delhi) - The fact that there is a short deduction of tax in the present case where it was linked with the performance incentive paid to the employee on the basis of achievement of fixed percentage, the estimated TDS deducted in a bona fide manner as per the settled legal position cannot be faulted with....
Read MoreCommissioner Of Income-Tax Vs H.V. Yazdi (Calcutta High Court) - Contribution to be made to the provident fund must be the proportionate amount of salary paid to the employees. Salary was a fixed monthly payment whereas the commission was not a fixed payment and could not be included within the scope and ambit of the term salary ....
Read MoreCircular No. 90-Income Tax - (26/06/1972) - Circular No. 90-Income Tax With the issue of orders in the Government of India, Ministry of Finance (Department of Expenditure), O.M. No. F. 1(34) E-II(B)/68, dated 18-1-1969, "dearness pay" is considered as "pay" for purposes of pension and gratuity and compensatory allowance (including house ren...
Read MoreLetter : F. No. 12/19/64-IT(A-I - (02/01/1967) - Reference is invited to the Central Board of Direct Taxes letter F. No. 12/19/64-IT(B), dated 22-2-1966 , where in it was intimated that the house rent allowance given at flat rates may be treated as exempt from income-tax without verification of the fact whether the employee concerned had paid any ...
Read MoreLetter : F. No. 12/19/64-IT(B) - (22/02/1966) - 1. Reference is invited to the Board’s letter No. 12/19/64-IT(B), dated 8-1-1965, addressed to all State Governments. A question has been raised whether the house rent allowance at flat rates sanctioned to Central Government servants without verification of rent receipts vide the Ministry of Fin...
Read More
Mrs. Meena Vaswani Vs ACIT (ITAT Mumbai) -
