salary income

All about Tax on Salary Income

Income Tax - 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....

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How to Avoid Excess Deduction of TDS from Salary Account of Salaried Person

Income Tax - The Indian income tax laws cast an obligation on an employer to withhold taxes at the time of payment of salaries. Employers, therefore, withhold taxes on salary paid after allowing a deduction to the extent of prescribed investment/savings....

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Rs 40,000 Standard deduction on salary income

Income Tax - It is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn....

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Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh

Income Tax - An employee who receives HRA can claim an exemption in respect of rental payments under section 10(13A) read with rule 2A of the Income Tax Rules. For claiming an HRA exemption, the individual must be residing in a rented premises and actually pay rent for the house . In case one stays in a house […]...

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Income Chargeable under The Head Salaries

Income Tax - 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 ...

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Advisory on Tax Evasion by Salaried Taxpayers

Income Tax - Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns....

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Standard deduction available on pension from former employer: CBDT

Income Tax - The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head Salaries. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961...

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BCAS represents on wrong TDS filing return due date in recent Circular

Income Tax - BCAS made a Representation to CBDT regarding error in stating due date for Filing of Quarterly TDS Statements for Financial Year 2016-2017 in Circular 1/2017. ...

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SBI Interest Rates on 1st April, 2011- For perquisite valuation

Income Tax - State Bank of India: Interest Rates on 1st April, 2011- For the purpose of computing perquisite valuation Interest rates as on 1st April, 2011 on various loans in Personal Segment advances are as under – ...

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Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12

Income Tax - Individuals having total income up to Rs. 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs. 10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the e...

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Foreign Business Tour by Non-Employee Director/Shareholder of Company not taxable as Perquisite

Mrs Kinty Suri Vs ITO (ITAT Delhi) - Assessee was a non-employee director and share holder in the company and no salary or director’s fees was paid to her by the company during the year under consideration....

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Amount Deducted for Notice Period is not Taxable as Salary

Shri Nandinho Rebello Vs DCIT (ITAT Ahmedabad) - It is pertinent to note that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable....

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LTC to Public Bank Employees for Travelling Abroad is subject to TDS

Syndicate.Bank Vs The Assistant. Commissioner of Income-tax (ITAT Bangalore) - Provisions of section 10(5) of were introduced in order to motivate the employees and also to encourage tourism in India and, therefore, the reimbursement of LTC/LFC was exempted, but, there was no intention of the Legislature to allow the employees to travel abroad under the garb of benefit of LTC ...

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As Advance tax not payable on salary Income so interest U/s. 234B, 234C cannot be levied

Ian Peter Morris vs. ACIT (Supreme Court of India) - In cases where receipt is by way of salary, deductions under Section 192 of the Act is required to be made. No question of payment of advance tax under Part 'C' of Chapter VII of the Act can arise in cases of receipt by way of 'salary'....

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Tips to Employees: Whether Form Part of Salary or Perquisite and Profits In Lieu of Salary & Liable to TDS?

ITC Ltd. Gurgaon Vs Commissioner of Income-tax (TDS) (Supreme Court of India) - SC held that income from tips would be chargeable in the hands of employees as income from other sources, such tips being received from customers and not from employer...

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All about TDS on Salary for Financial Year 2016-17

Circular No. 01/2017-Income Tax - (02/01/2017) - Post deals with TDS on Salary for Financial Year 2016-17 / Assessment Year 2017-18 & explains how much TDS to be deducted and valuation of perquisites, Allowances etc....

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Revision in TDS due date & Supporting for claim of Deduction from Salary

Notification No. 30/2016-Income Tax - (29/04/2016) - 26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for ...

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Deaf and dumb assesse can now claim Transport allowance exemption upto Rs. 3200 p.m.

Notification No. 75/2015 - Income Tax - (23/09/2015) - Notification No. 75/2015 - Income Tax - Under Rule 2BB of Income Tax Rules various allowance and extent to which the same can be claimed as exempt by Salaried Assessee is been specified. Under the same rule Exemption limit of Transport allowance also been given. In this rule be amendment the higher ...

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CBDT Notifies Revised Transport allowance exemption limit

Notification No. 39/2015 - Income Tax - (13/04/2015) - Notification No. 39/2015 - Income Tax CBDT has vide Notification No. 39/2015 increased Transport allowance exemption limit for employees from Rs. 800 to Rs. 1,600 per month. In case the employee is blind or orthopaedically handicapped with disability of lower extremities the limit is increased fro...

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TDS on Salary for Assessment Year 2015-16

Circular No. 17/2014 - Income Tax - (10/12/2014) - CIRCULAR NO : 17/2014 Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head 'Salaries' during the financial year 2014-15 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). Circular helps employ...

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Recent Posts in "salary income"

Advisory on Tax Evasion by Salaried Taxpayers

Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns....

Read More
Posted Under: Income Tax |

Standard deduction available on pension from former employer: CBDT

The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head Salaries. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961...

Read More
Posted Under: Income Tax |

All about Tax on Salary Income

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....

Read More
Posted Under: Income Tax |

How to Avoid Excess Deduction of TDS from Salary Account of Salaried Person

The Indian income tax laws cast an obligation on an employer to withhold taxes at the time of payment of salaries. Employers, therefore, withhold taxes on salary paid after allowing a deduction to the extent of prescribed investment/savings....

Read More
Posted Under: Income Tax |

Rs 40,000 Standard deduction on salary income

It is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn....

Read More
Posted Under: Income Tax |

Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh

An employee who receives HRA can claim an exemption in respect of rental payments under section 10(13A) read with rule 2A of the Income Tax Rules. For claiming an HRA exemption, the individual must be residing in a rented premises and actually pay rent for the house . In case one stays in a house […]...

Read More
Posted Under: Income Tax |

Income Chargeable under The Head Salaries

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 ...

Read More
Posted Under: Income Tax |

Guide to Submit Investment proof to your Employer

The Financial Year end is round the corner, and shortly, all employees are required to submit the investment proofs for the year 2017-18. Since the Income tax department made it very clear to all employers to verify the geniuses of each claim made by the employee (circular 1/2017), the document verification will be more stringent [&hellip...

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Posted Under: Income Tax | ,

Allowances / Exemptions Under Income Tax Act,1961

Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc....

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Posted Under: Income Tax | ,

Tax Treatment of Income from Salary in Brief

Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance in Recognized Provident Fund j) Contribution by Cent...

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Posted Under: Income Tax | ,
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