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salary income

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Mode of computation of perquisite value of Rent Free Accommodation

Income Tax : Learn how to compute the perquisite value of rent-free accommodation under Section 17 of the Income Tax Act, including recent rule...

October 24, 2024 3186 Views 0 comment Print

Dearness Allowance (DA) calculation for PSU employees for Q3 2024-25 (Oct 2024 to Dec 2024)

Finance : Dearness Allowance (DA) for PSU employees for Q3 2024-25 increased by 2.9%, bringing the rate to 47.7%. Based on CPI data from Jun...

October 4, 2024 20862 Views 0 comment Print

What is a Salary Certificate & Why is it important

Income Tax : Learn what a salary certificate is, its importance in loan applications, tax filing, and visa processing, and view a detailed form...

September 9, 2024 903 Views 0 comment Print

Allowances / Exemptions Under Income Tax Act, 1961

Income Tax : Income-tax Act contains provisions for taxability of various allowances received by a taxpayer. These allowances are either in the...

September 6, 2024 458299 Views 40 comments Print

Tax Treatment of Income from Salary in Brief

Income Tax : Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. I...

September 5, 2024 334016 Views 42 comments Print


Latest News


Budget 2024: Increase in Standard Deduction & Family Pension Deduction

Income Tax : From April 2025, standard and family pension deductions will increase to ₹75,000 and ₹25,000 under the new tax regime, boostin...

July 23, 2024 819 Views 0 comment Print

Budget 2024: ₹75,000 Standard Deduction, ₹17,500 Tax Saving for Salaried

Income Tax : Discover the Ministry of Finance's latest tax changes: ₹75,000 standard deduction, enhanced pension benefits. Potential savings ...

July 23, 2024 738 Views 0 comment Print

Rent Concession on house provided to assessee by employer is perquisites

Income Tax : Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by hi...

August 8, 2022 1632 Views 0 comment Print

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. ...

April 18, 2018 25773 Views 2 comments Print

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...

April 5, 2018 19533 Views 6 comments Print


Latest Judiciary


Voluntary Compensation in lieu of ESOP Not Part of Salary: Delhi HC in Flipkart-Phonepe Case

Income Tax : In the case of Sanjay Baweja Vs DCIT, the Delhi High Court ruled that one-time payments in lieu of ESOPs do not constitute salary ...

June 9, 2024 28236 Views 3 comments Print

Rule 3 applies only when a concession in rent is provided by employer to employee

Income Tax : ITAT Delhi dismisses Revenue's appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and...

March 20, 2024 627 Views 0 comment Print

No Tax on Salary for Non-Resident Assessee Rendering Services Outside India: ITAT

Income Tax : Explore the ITAT Delhi ruling on Devi Dayal Vs DCIT regarding taxation of salary earned by a non-resident outside India. Detailed ...

February 15, 2024 960 Views 0 comment Print

Section 40(a)(ia) Inapplicable to TDS Non-Deduction on Pre-AY 2015-16 Salary

Income Tax : ITAT Delhi's decision in the case of Sumaitri Bima Distributors Pvt. Ltd vs. ITO regarding non-applicability of S.40(a)(ia) for TD...

November 4, 2023 801 Views 0 comment Print

Income of Company cannot be assessed under the head ‘salary’

Income Tax : Since the assessee is a company as is established by the 143(1) intimation, question of assessing its income under the head ‘sal...

January 19, 2023 855 Views 0 comment Print


Latest Notifications


Correction to Income Tax Notification for Accommodation Perquisite Valuation

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...

August 29, 2023 1785 Views 0 comment Print

CBDT Amends Income Tax Rules for Valuation of Accommodation Perquisite

Income Tax : CBDT has modified Income Tax Rules, 1962, to determine the value of perquisite for residential accommodation provided by employers...

August 18, 2023 16062 Views 1 comment Print

Instructions regarding Grant of HRA to Central Government employees

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...

December 30, 2022 25260 Views 0 comment Print

TDS & Tax on Salary | Section 192 | FY 2021-22 | AY 2022-23

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 ...

March 15, 2022 97407 Views 1 comment Print

CBDT revises Form No. 12BA, Part B to Form 16, Annexure II to Form No. 24Q

Income Tax : CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu o...

March 11, 2021 18225 Views 0 comment Print


Latest Posts in salary income

Mode of computation of perquisite value of Rent Free Accommodation

October 24, 2024 3186 Views 0 comment Print

Learn how to compute the perquisite value of rent-free accommodation under Section 17 of the Income Tax Act, including recent rule changes and effective dates.

Dearness Allowance (DA) calculation for PSU employees for Q3 2024-25 (Oct 2024 to Dec 2024)

October 4, 2024 20862 Views 0 comment Print

Dearness Allowance (DA) for PSU employees for Q3 2024-25 increased by 2.9%, bringing the rate to 47.7%. Based on CPI data from June-August 2024.

What is a Salary Certificate & Why is it important

September 9, 2024 903 Views 0 comment Print

Learn what a salary certificate is, its importance in loan applications, tax filing, and visa processing, and view a detailed format for reference.

Allowances / Exemptions Under Income Tax Act, 1961

September 6, 2024 458299 Views 40 comments Print

Income-tax Act contains provisions for taxability of various allowances received by a taxpayer. These allowances are either in the nature of income which is exempt from tax or is an expenditure which provides weighted deductions to the taxpayer. This list gives a glimpse of tax treatment of various allowances available to a taxpayer. Allowances available […]

Tax Treatment of Income from Salary in Brief

September 5, 2024 334016 Views 42 comments Print

Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. Income-tax Act provides for five heads of incomes for computation of taxable income, viz., Salary, Income from House Property, Income from Business or Profession, Capital Gain and Residual Income. Provisions contained under each head of […]

Income Tax Benefits for Salaried Persons A.Y. 2025-26

September 5, 2024 514686 Views 46 comments Print

Learn about income tax benefits for salaried individuals in A.Y. 2024-25. Explore allowances, perquisites, and deductions available to employees

Salary Income – Answer to Common issues

August 26, 2024 66677 Views 20 comments Print

Learn what constitutes salary, allowances, and perquisites under the Income-tax Act. Includes details on taxability of pensions, benefits, and standard deductions.

Budget 2024: Increase in Standard Deduction & Family Pension Deduction

July 23, 2024 819 Views 0 comment Print

From April 2025, standard and family pension deductions will increase to ₹75,000 and ₹25,000 under the new tax regime, boosting tax benefits for taxpayers.

Budget 2024: ₹75,000 Standard Deduction, ₹17,500 Tax Saving for Salaried

July 23, 2024 738 Views 0 comment Print

Discover the Ministry of Finance’s latest tax changes: ₹75,000 standard deduction, enhanced pension benefits. Potential savings of ₹17,500/year for salaried employees.

Step-by-Step: Filing ITR-2 with Salary and Capital Gains for FY 2023-24

July 8, 2024 14061 Views 0 comment Print

Step-by-step guide to filing ITR-2 online for FY 2023-24, covering salary income, capital gains, and other sources of income. Ensure compliance and avoid penalties.

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