Income Tax : Now a days various hospitals are receiving email from TPA for getting confirmation whether they have certificate under proviso (ii...
Income Tax : Discover how hospitals can secure tax benefits for employees' medical expenses. From perquisite definitions to approval procedures...
Income Tax : Types of perquisites in India, their tax implications, and exemptions under the Income Tax Act. Learn who pays perquisite taxes an...
Income Tax : Diwali season brings the joy of giving and receiving gifts - from income tax exemptions to perquisites. Learn more about Diwali gi...
Income Tax : Discover when interest-free employee loans become taxable perquisites. Learn the rules, exemptions, and calculations for tax on co...
Income Tax : Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by hi...
Goods and Services Tax : Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value m...
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 : 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 : Non-charging of interest on the loan amount given by lending company to its director could not be a perquisite as no remuneration ...
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 : Rajesh Kumar vs. ACIT (ITAT Agra) Section 17(1) defines ‘salary’ and ‘perquisite’ separately for the purposes of sections ...
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 : CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu o...
Income Tax : CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961...
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 of valuation of the perquisite in respect of unfurnished accommodation, employees are divided in the following two categories:
CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement benefits etc. Circular No. 04/2020-Income Tax F.No. 275/192/2019-IT(B) Government of India […]
Salary in common parlance means any amount paid by an employer to his employees in lieu of services rendered by them. However income tax act 1961 defines the term salary u/s 17(1) to include the following monetary as well as non monetary payments
We all are aware that end of the financial year 19-20 is approaching. 31st March, 2020 is an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations. 7 things to do before the end of 31st March 2020:
I have started writing this article keeping in mind the questions raised in minds of salaried class taxpayers. Also, it is aimed to address the doubts of all those who file the Return of their salaried class clients.
Salaried taxpayers form a major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Income tax deductions offer a gamut of opportunities for saving tax for the salaried class. With the help of these deductions and exemptions prescribed under Income Tax Act, 1961, one […]
Non-charging of interest on the loan amount given by lending company to its director could not be a perquisite as no remuneration or salary in the capacity of the director had been drawn from the lending company nor any interest expenditure was shown in its profit and loss account.
Perquisite has a known normal meaning, namely, a personal advantage; something that benefits a man by going “into his own pocket”. The perquisites are taxable under the head salary in the Income Tax Act. As per Section 17(2)(iv), perquisite includes ‘any sum paid by the employer in respect of any obligation which, but for such […]
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-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B.
Rajesh Kumar vs. ACIT (ITAT Agra) Section 17(1) defines ‘salary’ and ‘perquisite’ separately for the purposes of sections 15 and 16. Section 15 is the charging section qua income from salary, whereas section 16 deals with deduction there-from. Section 17(1)(iv) says that ‘salary’ includes, inter alia, perquisites. Relief u/s 89 is available in respect of […]
