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
Heads of Income is one of the most important, or I can say the most important part of Taxation. Out of it, the part which contains more parts of learning is in Salary head where there are many limits toContinue reading… Quick Learning Chart(PDF Format) of Allowances & Perquisites of Salary
National Savings Certificate is one of the kind of Government organised investment scheme. It is generally meant for small savings. It is a part of the postal savings system. That means it can be purchased from any Post office inContinue reading… Investing in NSC(National Savings Certificate)
On 26th of September 2018, The Supreme Court of India had cleared the path of dilemma among citizens of India regarding the world’s largest Biometric Programme, i.e., Aadhar. It had cleared on where Aadhar Number is required to be furnished.Continue reading… Aadhar Card- Where it is necessary?
Public Provident Fund(PPF) is one of the kind of investment available for common people which not only saves money, but also your tax! So read it till end to learn it. An Individual can open account with ₹100/- but hasContinue reading… All about investing in Public Provident Fund(PPF).
Just like various investment schemes available in banks, there are several similar schemes of post office, meant for investment. Along with investment, they are also the tax saving tool! So read about all these schemes till end: Post office SavingContinue reading… Some of the Post Office investment schemes all should know!