Income Tax : The case explains how salary income is computed on a gross basis with only specific deductions permitted. It clarifies the scope o...
Income Tax : From April 2026, 8 cities qualify for 50% HRA exemption. New rules impact calculations, compliance, and disclosures for salaried t...
Income Tax : Form 124 allows employees to declare tax-saving claims to employers. Filing ensures correct TDS calculation with eligible deductio...
Income Tax : Employers are required to issue a detailed perquisites statement where salary exceeds Rs.1.5 lakh. This ensures accurate reporting...
Income Tax : A simple guide to the five heads of income under the Income Tax Act, 1961, explaining salary, house property, business income, cap...
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 : The Income Tax Appellate Tribunal (ITAT), Chennai, held that an ex-gratia payment received by an employee upon the closure of the ...
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 : CBDT amends Income-tax Rules 1962. This change, effective August 21, 2025, revises Rule 21AIA, omitting sub-rule (4) and redefinin...
Income Tax : CBDT notifies new perquisite rules under Section 17(2); salary limit ₹4 lakh and gross total income limit ₹8 lakh for claiming...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
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...
Sometimes you may have received a portion of your salary in arrears or in advance, or you may have received a portion of your family pension in arrears or in advance. Do you think? Will it be fully taxable in the year of receipt at the higher rates or is there any relief available on […]
CBDT amends notification no. Notification No. 36/2019 by which CBDT notified detailed format of Salary Certificate | Form No. 16 | Form No. 24Q. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 38/2019 New Delhi, the 3rd May, 2019 G.S.R. 347(E).—In the notification of the Government of India, Ministry of […]
Scrutiny Selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019. The Finance Act, 2017 has made a slew of changes in various heads of income. Though adequate care has been taken while filing return of income but the need arises to have a relook at the changes made […]
CBDT has issued Notification No. 36/2019 dated 12th Apr’2019seeking tax deductors (i.e. employers) to submit detailed break-up while furnishing Form No. 16 & Form No. 24Q.
The new financial year has just begun, and there has been a lot of changes in tax laws. So, in the article, we aim to discuss few changes, relevant to most of the taxpayers. We are covering the changes made in Income tax Act and GST. A. Changes in Income tax Act 1. Rebate u/s […]
Shri Rajeshkumar Navnitlal Dani Vs ITO (ITAT Ahmedabad) Provision of sec. 10(5) of the Act only that reimbursement of travel concession or assistance to an employee is exempted which was incurred for travel of the individual employee or his family members to any place in India and nowhere in this clause it had been stated […]
Pr. CIT Vs. M/s ITD Cemindia JV (Bombay High Court) The employees and personnel deputed by the company giving such workers on loan to the assessee company continued to be the employer, the assessee merely reimbursed the expenditure in terms of salary structure of the employees to the employer company. There was, therefore, no question […]
Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which will be effective from 1 April 2019. 1. Standard Deduction from Salary: Standard deduction has been increased from Rs 40,000 to Rs 50,000 for salaried individuals (which was introduced in the Budget 2018 in lieu […]
In Circular No.1/2019 dated 1st January, 2019 on the above- mentioned subject, the provisions of section 80TTB were not correctly explained in para 5.5.12 of the circular. In the said circular, it is written that, Interest on deposits (Not being the time deposit) i.e. Interest on saving deposit would be allowed to be deducted in […]
Pension Income and applicability of Standard deduction u/s 16(ia) There are various types of Pensions that a person can receive, some of these are as below: 1. Annuity (uncommuted Pension) received from current employer 2. Annuity (uncommuted Pension) received from former employer 3. Family pension (i.e pension received after death of employee) 4. Annuity (uncommuted […]
