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...
Learn about House Rent Allowance (HRA) and its tax benefits. Find out who is eligible to claim HRA and what to do if you don’t receive HRA.
Detailed insights into Section 89 of the Income Tax Act 1961, which offers tax relief on arrears or advance salary, pension, or compensation. Learn about eligibility, conditions, and more.
Understand LTC (Leave Travel Concession) claim provisions, eligibility, documents needed, and tax implications. Learn how to maximize the tax benefit for travel expenses.
Understanding the rules and guidelines for claiming House Rent Allowance Exemption can significantly reduce the tax burden for salaried individuals. In this article, we will walk you through the process of claiming HRA exemption in income tax.
As a salaried employee in India, optimizing tax savings is essential to maximize take-home income and achieve financial goals. The Indian Income Tax Act offers several tax-saving instruments and deductions that can help individuals reduce their tax liability while making prudent financial investments. In this article, we’ll explore some of the most popular tax-saving instruments available to salaried employees in India.
Perquisites come in various forms, encompassing both cash and non-cash benefits, and include accommodations, employer or self-owned vehicles, stock options, club memberships, medical reimbursements, subscriptions to magazines, and more.
Explore the complexities of Income Tax on Salary Income. From the employer-employee relationship to the nuances of salary accrual and chargeability, understand the intricacies of contracts and tax implications. Learn about allowances, exemptions, and deductions, ensuring comprehensive insight into salary-related tax matters. Stay informed and navigate the tax landscape with clarity.
Understanding the provisions and implications associated with income under the head ‘Salaries’ is crucial for both taxpayers and tax authorities. It enables individuals to effectively comply with their tax obligations while ensuring a fair and equitable assessment of taxable income.
This article presents valuable tips that can assist you in saving income tax in the current financial year. From optimizing your salary structure to utilizing tax deductions, these tips are designed to help you make the most of the available tax-saving opportunities.
Taxpayers can claim a deduction under Section 89 of the Income Tax Act when they receive any part of their salary in advance or arrears. This rule also applies to arrears of family pensions. What is the relief under Section 89 of the IT Act? When employees receive back pay or compensation along with their […]
