Income Tax : Learn how rental income is taxed, who is treated as the owner, and how deductions under Section 24 are computed. The guidance also...
Income Tax : This guide explains the tax treatment of salary, allowances, perquisites, retirement benefits, and deductions under the Income-tax...
Income Tax : The Income Tax Department is using AI, data analytics, AIS, and PAN-based verification to identify incorrect HRA exemption claims....
Income Tax : HRA exemption and home loan deductions operate under separate sections of the Income Tax Act. Taxpayers may claim both under the o...
Income Tax : The article explains that HRA exemption is unavailable under the new tax regime, which is why the HRA field may not appear in the ...
Income Tax : Explore the current status of Bengaluru's inclusion for HRA exemption under income tax laws and government policy on metropolitan ...
Income Tax : Ministry of Finance addresses misconceptions regarding CBDT's supposed special drive to reopen cases related to HRA claims, clarif...
Finance : A government employee is not entitled to get House Rent Allowance(HRA) if he or she is residing with the spouse who has been all...
Income Tax : The Tribunal upheld the disallowance of HRA exemption under Section 10(13A) as the assessee failed to submit any supporting docume...
Income Tax : ITAT restores Sunil Shigli’s appeal after CIT(A) summarily dismissed it over a supposed 4-day delay. Tribunal di...
Income Tax : The ITAT Ahmedabad has allowed an assessee's appeal, condoning a 30-month delay and ruling against the CPC's disallowance of House...
Income Tax : In the Ravindra R.V. vs. DCIT case, ITAT Bangalore remits the denial of HRA exemption under Section 10(13A) back to the AO for rec...
Income Tax : The Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favor of Aman Kumar Jain against the Income Tax Officer, permitting re...
SEBI : SEBI addresses employee concerns on HRA and work culture, asserting transparency and accountability amidst claims of external infl...
Income Tax : No.2/4/2022-E.IIB Government of India Ministry of Finance Department of Expenditure *** North Block, New Delhi. Dated the 30th Dec...
Income Tax : Proof of savings/documents viz. insurance premium receipt, NSC, Infrastructure Bond, PPF Bank Statement, Housing Loan Certificate ...
Income Tax : Circular No. 90-Income Tax With the issue of orders in the Government of India, Ministry of Finance (Department of Expenditure),...
Income Tax : 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 intimate...
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)
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.
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 .
Bonus cannot be regarded as falling within the scope of the expression salary as defined in Clause (h) of Rule 2. Clauses (b) and (c) of Rule 4 contain a clear indication that the expression salary takes in only periodical payments made by the employer to the employee during a year by way of remuneration.
Auto Income tax calculator Financial year 2013-14 / Assessment year 2014-15 – The Calculator provides brief detail of all the Income Tax Exemptions,deduction, Sections and Rules Relevant for Taxation of Individual Especially Salaried Employee.
Requirement of the section 10(13A) is that any allowance (by whatever name called) granted to an assessee by his employer to meet expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee, to such extent as may be prescribed.
The assessee is getting twin benefit from the employer, one of which is not taxed on the basis of reimbursement of rent by the assessee to the employer. The first benefit is of rent free accommodation provided by the employer to the assessee employee for which the employer is incurring rental expenditure of Rs. 1.70 lacs per month in addition to providing interest free deposit of Rs. 40 lacs with the land lord. The 2nd benefit being received by the assessee is this that he is getting HRA of Rs.3 lacs approximately per month including special HRA of Rs.1.70 lacs per month.
1. It calculates Tax Liability of Salaried Employees of Private and Government Sector for A.Y. 2013-14 or Financial Year 2012-13. 2. Calculator have in Built House Rent Allowance (HRA) Calculator which Calculates HRA Exemption which an Employee is Eligible. 3. In Built Arrears Relief Calculator to Calculate tax Relief Receivable by the Employee on Salary Received during the year related to years earlier then Financial year 2012-13.
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 HRA given to her for nine […]
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 rent allowance, etc.) in the case of Central Government servants. It is, therefore, clarified that for the purposes of calculating the house rent allowance that would be exempt under rule 2A, the term “salary” includes “dearness pay” also. Where State Government servants are being paid “dearness pay” as in the case of Central Government employee, the clarification given above will apply.
