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...
7. It is the first contention of the appellant that the amount in issue is not an income within the definition of the term `income’ set out in section 2(24) of the said Act. We are unable to accept this contention of the appellant and we agree with the findings rendered in this regard by all the lower authorities, including the Income-tax Appellate Tribunal by its impugned order dated 26th July, 2006
30. In our opinion, the assessee must succeed on his Ground. There is no dispute about the fact that the assessee being an employer made the valuation of the perquisite provided to Mr. Brian Brown at Rs. 90,40,880/-. The definition of the salary is given in section 17 of the Act and as per the said definition salary includes perquisites. The perquisites in its normal meaning means direct and indirect benefits
In both the aforesaid judgements, it has been held by the Apex Court that beneficiary of exemption under section 10(5) of the Income-Tax Act, 1961 (the Act), relating to leave travel concession / assistance is the individual employee. There is no Circular of the Central Board of Direct Taxes (CBDT), requiring the employer to collect and examine the supporting evidence in respect of declaration furnished by the employee
Many Indian companies have not made adequate provisions for employee provident fund (PF) and pension, as per a survey by consulting firm Mercer. The survey showed that 88% of top Indian companies have not made required provisions for defined benefit PF scheme which is mandatory as per accounting standards laid down by ICAI. Put simply, […]
11. We have considered the submissions made by both the parties, material on record and orders of the authorities below. It is noted that the assessee is an individual and aged about 50 years. The assessee has income from salary and other sources both aggregating to Rs. 2.62 lakhs. It is also noted that the assessee was received salary from M/s Nav Bharat Education Society where he is working as a senior clerk
(iii) Even in the case of the assessee, the department is accepting the earning of income albeit on a different footing i.e. claiming the same to be salary income in contra distinction to assessee’s claim being business income by virtue of Section 28(va). Though reference is made to colourable devise in the hands of the assessee following Supreme Court judgment in the case of McDowell &. Co. (supra), the same confine
The Mumbai income tax department has surveyed 50-60 companies, including multinational firms, in the past two weeks as part of its drive to identify and bring to book tax deducted at source (TDS) defaulters. The department is mainly focusing on companies that have collected TDS, but not deposited the same with the department.
Engineering major Larsen & Toubro (L&T) continues to be interested in acquiring Satyam Computer Services . L&T’s chairman AM Naik told ET that L&T, which is one of the largest shareholders of Satyam, is not interested in being a spectator in the ongoing saga.
5. We have considered the rival submissions and the material on record. In our considered view, the gifts so received by the assessee or his grandsons could not be said to be genuine. The reasons are that in all these cases, the donors are persons of low income group and do not have any capital or asset. There is no evidence on record to show how they build up capital.
For users of Tally 9 who want to use tally payroll I am providing small slide show to give a brief idea on how to work on payroll. The slide show is prepared by using ZOHO show which is an online tool like power point presentation.
