Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want to shed light on the taxability and some other interesting relevant aspects which you as a salaried employee must keep in mind.
People working in government services or those working with government departments get pensions after retirement from their services additionally people who have contributed towards Employee Provident Fund (EPF) also get pension under Employee Pension Scheme (EPS), 1995. Even after the death of the employee their family members are also entitled to get the pension from the employer as well as under EPS.
One of the popular, preferred, and preeminent tax saving investments is PPF – Public Provident Fund. We all know about PPF. Do we know all about PPF? Let us discuss in detail about PPF in this article and understand it comprehensively and completely.
i) While re-adjudicating on the directions of the ITAT, the DRP has exceeded the directions. ii) In framing the final assessment order, the Assessing Officer has put the assessee in a more worse position than it was before filing appeal.
Recently, CBIC issued the circular number 131/1/2020-GST in which the standard operating procedure (SOP) to be followed by exporters has been described; 1. This Circular has been issued to verify the existence of exporters and mitigate the risk of fraudulent refund of IGST paid through utilizing the ITC which was availed on the basis of […]
In this article, i have explained important event based FEMA Compliances under FDI Norms by the Indian entities. All the reporting under FEMA Act, 1999 except specifically stated otherwise, is required to be done through the Single Master Form (SMF) available on the FIRMS platform at https://firms.rbi.org.in. For the purpose of reporting in the SMF, […]
t is the case of the petitioner that as per the business model operated by it in the State of Kerala, it places its diagnostic instruments at the premises of unrelated hospitals, laboratories etc. for their use for a specified period without any consideration –
Considering the findings of the Apex Court in Commissioner of Central Excise, Bolpur v. Ratan Melting and Wire Industries it is clear that Circulars cannot prevail over the statute. Circulars are issued only to clarify the statutory provision and it cannot alter or prevail over the statutory provision. In such circumstances, it is clear that the explanation of provisions of drawback has nothing to do with the IGST refund.
Every economy grows by the business, infrastructure and other systems. Depending upon the cultural, political and sub sets, there are different kinds of entities under which a business is run and regulated. In India, there are number of ways for setting up and running business depending upon pros and cons of each type. Let us […]
Artificial Intelligence (AI) is a form of computer science used to create intelligent machines that can recognise human speeds, objects, can learn, play and solve problems like humans. AI can support companies in performing accounting and legal tasks within limited amount of time.
