Income Tax : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : This guide explains the tax benefits, deductions, presumptive taxation schemes, and compliance relaxations available to small busi...
Income Tax : CBDT allows eligible salaried taxpayers with LTCG up to ₹1.25 lakh under section 112A to file ITR-1, simplifying return filing f...
Income Tax : This guide explains the tax treatment of salary, allowances, perquisites, retirement benefits, and deductions under the Income-tax...
Income Tax : The Income Tax Department is using AI, data analytics, AIS, and PAN-based verification to identify incorrect HRA exemption claims....
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 ITAT Pune held that compensation received under an Early Retirement Scheme could not be taxed as profits in lieu of salary und...
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 : 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...
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 employer to correctly deduct TDS on
Lakesh Kumar Treatment of Medical Facilities AND Interest free Loan or Loan at Concessional rate of Interest As we know many facilities and perquisites provided by employer to their employees. Medical facilities and Interest free loan or loan at concessional rate is one of them. I always try my best to make understand the users […]
Deductions Permissible under Chapter VI-A – Certain deductions are available from the gross taxable income, under sections 80C to 80U (Maximum upto Rs 1,00,000). Important deductions are:
Contribution to be made to the provident fund must be the proportionate amount of salary paid to the employees. Salary was a fixed monthly payment whereas the commission was not a fixed payment and could not be included within the scope and ambit of the term salary .
The provisions of the Income Tax Act, 1961 relating to Tax Deduction at Source from Salaries are of immense importance in the context of present scenario when TDS collections account for almost 39% of total collection of Direct Taxes. The Income Tax Act, 1961 provides for penalties for defaults in respect of deduction of tax […]
Requirement of the section 10(13A) is that any allowance (by whatever name called) granted to an assessee by his employer to meet expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee, to such extent as may be prescribed.
Article contains An Introduction to Taxation, Salary Income, Perquisites & Allowances, Overview of Income from House Property, Overview of Capital Gains, Deductions under Chapter VIA, Tax Rebate & Relief, Permanent Account Number, Taxability of Retirement Benefits, Pensioners & Senior Citizens, Taxation of Expatriates, Income tax on Fringe Benefits and Some relevant Case laws CHAPTER 1 […]
Recently, the Income Tax Department has allowed quick filing of ITR 1 by salaried class assessees on its e-filing website itself, thereby reducing the burden of uploading the XML file. This happens to be one of the most easiest and convenient way of filing the return electronically.
In case of Ashok Taksali (supra), the Rajasthan High Court came across a similar question. The Bench was of the opinion that once a salary income of the block year has been taxed and such tax has been deducted at source, there is no question of holding that the income of the assessee was undisclosed income of the block period. It was observed as under:-
The following allowances are exempt under section 10(14) to the extent the amount is utilized for the specified purpose for which the allowance is received. In other words, in the cases given below the amount of exemption under section 10(14) is –
