Section 17(3) gives us an inclusive definition of “Profit in lieu of salary”. As the name suggests, these payments are received by the employee in lieu of or in addition to salary or wages. These payments includes the following: TerminalContinue reading… Profit in lieu of salary: Learn all about it!
Among the types of perquisites you have learned, Leave Travel Concession or Assistance(LTC/LTA) carries great importance. It is the perquisite given to employee on his leave travels. It also includes employee’s family members. What is the tax provision of LTC/LTAContinue reading… LTC/LTA: Treatment of Leave Travel Concession or Assistance
Medical perquisites are considered as tax free perquisites as per Income Tax Act. However there are certain cases where medical facilities are treated as tax free perquisites. You must read till end! Medical facilities/reimbursement in India The value of anyContinue reading… Medical perquisites to employees: What is its tax treatment?
Introduction Motor car provided by the employer is a perquisite only for specified employees because it is a facility provided by the employer to employees. On the other hand, if the car belongs to the employee and the expenses ofContinue reading… Valuation of perquisites of the Motor car
In Taxation, all income, for purposes of charge of Income tax and computation of tax are classified under various heads, which are Salary, House property, Profits and gains of Business and Profession, Capital gains and Other sources. In this post,Continue reading… Income under the Head ‘Salaries’: An Overview
For any CA student, articleship phase is something very promising period, where a student can actually experience the practical aspects of this course. In this phase, student can get a chance to not only implement their raw knowledge of TaxationContinue reading… Essential points you should know before entering in ‘Good firm’ for Articleship
There are certainly no shortage of credit card choices available for consumers. Filling your wallet with the right credit cards is a process that’s going to be different for each of us on the basis of our needs. So itContinue reading… Difference between Credit card networks and Credit card issuers?
World is growing fast with increasing use of digital payment methods, which includes online payments, digital wallets and card payments. This topic is all about Credit Cards, which is one type of card payment method. Credit card simply means aContinue reading… What is meant by Credit card?
Big 4s are basically the world’s biggest accounting and consultancy firms. They have great reputation all over the world and are available in many countries, including India. In India, although laws do not permit any foreign firm to set upContinue reading… Who are Big 4s and how to apply?
Life before exams is always busy and monotonous. You will feel boring and which will give rise to several new ideas which you want to implement after exams. Although after exams, you would realize that all the ideas were justContinue reading… How to ‘Utilize’ your free time after exams?