Income Tax : Step-by-step guide to filing ITR-2 online for FY 2023-24, covering salary income, capital gains, and other sources of income. Ensu...
Income Tax : Now a days various hospitals are receiving email from TPA for getting confirmation whether they have certificate under proviso (ii...
Income Tax : Learn about the income tax declaration process for employees, including Form 2BB submission, importance, and verification of suppo...
Income Tax : Explore the intricate details of different heads of income, including salaries, and their tax implications. Gain insights into tax...
Income Tax : Maximize your tax savings as a salaried employee with smart planning strategies. Discover allowances and deductions for income tax...
Income Tax : From April 2025, standard and family pension deductions will increase to ₹75,000 and ₹25,000 under the new tax regime, boostin...
Income Tax : Discover the Ministry of Finance's latest tax changes: ₹75,000 standard deduction, enhanced pension benefits. Potential savings ...
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 : Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. ...
Income Tax : The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable...
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 ...
Income Tax : ITAT Delhi dismisses Revenue's appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and...
Income Tax : Explore the ITAT Delhi ruling on Devi Dayal Vs DCIT regarding taxation of salary earned by a non-resident outside India. Detailed ...
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...
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...
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 : 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 : 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...
What is House Rent Allowance? Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.
Investment Declaration’s Dribs & Drabs in tax planning (Proof submission for Income Tax Purposes (Correct TDS on Salary Calculation) by Salaried Employee to His Employer) Almost all companies have intimated their employees to submit investment declarations or IT proofs for Financial Year 2019-20.This article states about how to conveniently climb ladder till ITR filling by […]
Article discusses Tax Treatment of Various retirement benefits i.e Gratuity, Leave Encasement, Commuted Pension, Uncommuted Pension, Statutory Provident Fund, Recognised Provident Fund and Unrecognised Provident Fund.
Articles deals with Taxability of House Rent Allowance , Children Education Allowance, Hostel Allowance, Transport Allowance, Outstation Allowance, Under Ground Allowance, Traveling Allowance, Daily Allowance, Conveyance Allowance, Helper Allowance, Uniform Allowance and Academic Allowance.
In this article we are covering following Perquisites taxable as salary- 1. Domestic Servants, 2. Gas, Electricity or water supplied by employer, 3. Education facility, 4. Specified Security or Sweat Equity Shares Allocated, 5. Interest Free Loans
There are various perquisites which are provided by the employer to employee during the year. Motor car as a perquisite is one of the famous perquisites provided by employer. Generally, this kind of perquisite is provided to senior employees of the organization. The taxability of perquisites is covered under Rule 3 of Income Tax Rules, […]
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 […]
The Financial Year end is round the corner, and shortly, all employees are required to submit the investment proofs for the year 2019-20. 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 […]
What a salary structure should include and how we can reduce our salary tax liability This article will help us to figure out how to reduce your tax liability under salary head and how to set salary structure for AY 2020-21. This article will cover various allowances which any type of employees will able to […]
