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...
Way back on September 25, 2000, Rule 3 governing perquisites (perks) was amended by Notification SO 940(E). The major change brought in was taxing on a ‘cost to employer’ basis, thereby giving perks the colour and character of salary. This in turn resulted in many employers increasing the salary of the employee instead of granting perks, thereby avoiding the requirement to maintain cumbersome records.
The much awaited new rules have now been notified by The Central Board of Direct Taxes (CBDT) vide Notification dated 18 December 2009. The amended provisions will be retrospectively effective from 1 April 2009 onwards. The new valuation rules as prescribed by CBDT and the comparative analysis with the earlier perquisite rules (Rule 3) have in respect of accommodation provided by employer including in respect of accommodation in hotels is tabulated as under:
The last date for filing your tax returns for the financial year 2008-2009 was July 31, 2009. But even though the process got a tad simpler with the online option, some of you may have missed your deadline. But don’t fret. You have a second chance.
Introduction: Reaping benefits of privatisation, liberalisation and globalisation, many Indian companies, especially the IT and ITES companies, have been able to establish thumping international presence. To ensure timely delivery, installation, customisation and maintenance of products and rendering of services outside India, these companies have established branches or subsidiaries outside India or entered into various arrangements […]
Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. An internal committee of the Central Board of Direct Taxes, the principal policy-maker in the domain, has called for a thorough review of the code, including a revision of the income tax slabs and the definition of ‘income from salaries’.
Atul Mohan Bindal – assessee filed return of his income for Assessment Year 2002-03 on August 8, 2002 declaring his total income Rs.1,98,50,021/ -. In the assessment proceedings u/s 143, a notice alongwith questionnaire was issued to him by the Assessing Officer on November 29, 2002. Pursuant thereto, assessee attended the assessment proceedings and furnished the requisite details. During the assessment proceedings, it transpired that assessee worked with M/s DHL International( S) PTE Ltd.,Sing
In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in fact would widen the rich-poor gap and create more economic absurdities”[BS.21/09/09] In this chapter we propose to discuss the impact of the new code on the salaried persons who are the most efficient tax payers of this country.
A golden rule of interpretation is the contextual interpretation. A word has always to be interpreted only with the context with which, one is seized. Here we are concerned with the provisions of Sec.40(b) hence, the interpretation has to be done accordingly. Interpretation of the provisions otherwise or the way the Id. AO has done, if accepted, has the effect of rendering the very Explanation 3 totally nugatory or purposeless. Needless to say, that every word used by the legislature, is significant and cannot be lost sight of.
PICK-UP and drop transport facility provided by employers is not a perquisite and hence not liable to tax, according to a recent ruling by a tax tribunal. In a decision that has implications for the sectors such as BPO and IT, the Mumbai Income-Tax Apellate Tribunal (ITAT) has held that companies providing such a facility were not liable to deduct tax on the expenditure incurred on it.
Section 10 provides for the incomes which do not form part of total income, and cl.[i] of sub-sec.[14] of sec. 10 provides that any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause [2] of sec. 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, to t
