Sensys Technologies

Interest free loan from employer and loans at concessional rates

Income Tax - In some cases companies extends loan facility to its employee for various purposes – like education, medical treatment, marriage, etc. These loans are generally free and recovered from salary of employees in the form of deduction of equal amount over a period of time, which vary from 6month to 7 years as per policy of […]...

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TDS computation if employee receives Salary from two employers

Income Tax - Cases where an employee work under two employer in a single financial year Normally an employee is employed under employer during whole financial year and thus no problem arises in deduction of TDS from salary. In this case all information relating to income of employee is readily available with employer and computation task is easy [&hel...

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Free Statutory Compliance Handbook for F.Y. 2015-16 A.Y. 2016-17

Income Tax - India is a land of laws. We have to comply with various Acts, Laws, Rules and Regulations in a normal course of business such as Income Tax, Companies Act 2013, Service Tax, Limited liability Partnership Regulations, Partnership Act, Wealth Tax, Value Added Tax (VAT), XBRL etc. While carrying out day to day business operations, it [&helli...

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Valuation of perquisite in respect of free education

Income Tax - Fixed education allowance given in cash by the employer to the employee to meet the cost of education of the family members of the employee is exempt from tax to the extent of Rs. 100 per month per child (up to a maximum of two children). Moreover,any allowance granted to an employee to meet hostel expenditure of his child is exempt from ...

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Abolition of levy of wealth-tax under Wealth-tax Act, 1957

Income Tax - History of Wealth Tax Act Wealth-tax Act was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor forachieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks. Accordingly, all the assets of the assessees were taken into account for computation of net...

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Recent Posts in "Sensys Technologies"

Interest free loan from employer and loans at concessional rates

In some cases companies extends loan facility to its employee for various purposes – like education, medical treatment, marriage, etc. These loans are generally free and recovered from salary of employees in the form of deduction of equal amount over a period of time, which vary from 6month to 7 years as per policy of […]...

Read More
Posted Under: Income Tax |

TDS computation if employee receives Salary from two employers

Cases where an employee work under two employer in a single financial year Normally an employee is employed under employer during whole financial year and thus no problem arises in deduction of TDS from salary. In this case all information relating to income of employee is readily available with employer and computation task is easy [&hel...

Read More
Posted Under: Income Tax |

Free Statutory Compliance Handbook for F.Y. 2015-16 A.Y. 2016-17

India is a land of laws. We have to comply with various Acts, Laws, Rules and Regulations in a normal course of business such as Income Tax, Companies Act 2013, Service Tax, Limited liability Partnership Regulations, Partnership Act, Wealth Tax, Value Added Tax (VAT), XBRL etc. While carrying out day to day business operations, it [&helli...

Read More

Valuation of perquisite in respect of free education

Fixed education allowance given in cash by the employer to the employee to meet the cost of education of the family members of the employee is exempt from tax to the extent of Rs. 100 per month per child (up to a maximum of two children). Moreover,any allowance granted to an employee to meet hostel expenditure of his child is exempt from ...

Read More
Posted Under: Income Tax |

Abolition of levy of wealth-tax under Wealth-tax Act, 1957

History of Wealth Tax Act Wealth-tax Act was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor forachieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks. Accordingly, all the assets of the assessees were taken into account for computation of net...

Read More
Posted Under: Income Tax |

Social security In India

Introduction After successful launch of Jan Dhan Yojana, Prime Minister Modi had last week launched the ‘Pradhan Mantri Jivan Jyoti Bima Yojana’, ‘Pradhan Mantri Suraksha Bima Yojana’ and the ‘Atal Pension Yojana’ in Kolkata; another step forward to secure more population under their financial inclusion...

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Posted Under: Income Tax |

Taxability of Provident Fund

Employees’ provident fund Provident fund scheme is as a retirement benefit scheme. Under this scheme, a stipulated sum is deducted from the salary of the employee as his contribution towards this fund. The employer also generally contributes simultaneously an equal amount out of its pocket to the fund. The contributions of employee and ...

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Posted Under: Income Tax |

Public Provident Fund – Best investment destination

Introduction PPF is money that will be yours forever. Knowledge of the different features of the PPF account will help you when you want to take a loan against the account, withdraw from the account, re-activate a discontinued account etc. Here an attempt is made to introduce you all features of PPF....

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Posted Under: Income Tax |

PPF – Loans and Withdrawals

When to withdraw money / take loan You should avail such loans / withdrawal facilities only when you are falling short of your finance and do not have any other option to achieve an important life goal such as child’s higher education or daughter’s marriage etc....

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Posted Under: Income Tax |

Salary Income – Meaning of term Perquisite and Taxability

Dictionary meaning 1. A gain or profit incidentally made from employments in addition to regular salary or wages,especially one of a kind expected or promised 2. Casual emolument or benefit attached to an office or position in addition to salary or wages 3. Anything left over that a servant or other has by custom a […]...

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Posted Under: Income Tax |
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