Income Tax : The draft rules revamp perquisite valuation and allowances, raising car-related taxes while expanding relief for education, HRA, a...
Income Tax : The draft Income-tax Rules, 2026 consolidate perquisite valuation into a single framework and significantly raise exemption limits...
Income Tax : The rules clarify how rent-free or concessional housing is taxed differently for government and private employees, depending on lo...
Income Tax : Interest-free or concessional loans from employers are taxable as perquisites under Section 17. Learn how to calculate the taxable...
Income Tax : Understand tax rules for rent-free or concessional employer-provided accommodation. Learn valuation methods, exemptions, and perqu...
Income Tax : Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by hi...
Income Tax : State Bank of India: Interest Rates on 1st April, 2011- For the purpose of computing perquisite valuation Interest rates as on 1st...
Income Tax : The salaried class, reeling under the inflationary pressures, has suffered yet another setback this holiday season with the announ...
Income Tax : THE much-awaited perquisite valuation rules have finally been notified by the CBDT. The Board has amended Rule 3 to give effect to...
Income Tax : It's not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukh...
Income Tax : ITAT Delhi dismisses Revenue's appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and...
Income Tax : CIT Vs Shankar Krishnan (Bombay High Court) Whether Notional Interest on Security Deposit paid by employer for accommodation of it...
Income Tax : ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-d...
Income Tax : Brief facts of the case are that The assessee received a sum of Rs.90,090/- towards reimbursement of medical expenses from the com...
Income Tax : Scheme of the Act provides that after the employer deducts from the salary of the employee the tax and pays the same to the Centra...
Income Tax : Corrigendum for the Notification bearing G.S.R. No. 615 (E) dated 18.08.2023 i.e. Income Tax Notification No. 65/2023 dated 18th A...
Income Tax : CBDT has modified Income Tax Rules, 1962, to determine the value of perquisite for residential accommodation provided by employers...
Income Tax : CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source ...
Income Tax : Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of pe...
Now a days various hospitals are receiving email from TPA for getting confirmation whether they have certificate under proviso (ii)b of section 17(2) and hospital are like what is this provision? And were do we get that registration? Why this registration is not there? Does my existing business would affect due to not having certificate […]
ITAT Delhi dismisses Revenue’s appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and tax deduction on rent-free accommodation provided to employees by Indian Institute of Technology (IIT). Get insights into the case and the tribunal’s ruling.
Types of perquisites in India, their tax implications, and exemptions under the Income Tax Act. Learn who pays perquisite taxes and key considerations.
Corrigendum for the Notification bearing G.S.R. No. 615 (E) dated 18.08.2023 i.e. Income Tax Notification No. 65/2023 dated 18th August, 2023 related to Amended Income Tax Rules for Valuation of Accommodation Perquisite. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi Notification No. 72/2023-Income Tax | Dated: 29th August, 2023 […]
CBDT has modified Income Tax Rules, 1962, to determine the value of perquisite for residential accommodation provided by employers.
Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer.
CIT Vs Shankar Krishnan (Bombay High Court) Whether Notional Interest on Security Deposit paid by employer for accommodation of its employee will also be included while calculating perquisites. BRIEF FACTS: 1. The Assessee is a salaried employee with McKinley & Company Inc., India. The Assessee was provided with rent free accommodation in Cuffe Parade, Mumbai […]
CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year 2021-22 / Assessment Year 2022-23. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION […]
Method for computation of Perquisite Value as referred in section 17(2)(viia) of Income Tax Act, 1961 (the Act) in respect of annual accretion to the balance of recognised provident Fund (RPF), Approved Superannuation Fund and National Pension scheme (NPS). Finance Act 2020 had amended the provisions of section 17(2) of the Act and substituted sub-clauses […]
Note on Perquisite Valuation under Clause (vii) & (viia) of Section 17of Income Tax Act, 1961 Finance Act, 2020 had made amendment in Sec 17 of the Income Tax Act which deals with valuation of perquisite. It had introduced two new sub- classes, Sub Clause (vii) & (viia) Under Clause 2 of the section 17. […]
