The income tax return is filed every year so as to give complete detail of income earned in the previous year. Previous year means year previous to the year in which you need to file the return. For Example: At present, the previous year is 2018-19, which is from 1st April 2018 to 31st...
Continue reading1st February 2019 will always be remembered for one of the finest budget of NDA Government. This budget is the blend of economic reforms with political aspirations. This budget had shown benefits to various sectors of economy. Presented by finance minister Piyush Goyal, who is also a Chartered Accountant, had offered great relief to...
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What is Gratuity? Gratuity is a payment made by the employer to an employee in appreciation of the past services rendered by the employee. It can either be received by: the employee himself at the time of his retirement, or the legal heir on the event of the death of the employee. Taxability of...
Continue readingSection 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: Terminal Compensation Here the termination may be due to Retirement, Premature termination, Resignation or otherwise....
Continue readingAmong 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/LTA The employee is entitled to exemption under section 10(5) in respect of the value...
Continue readingMedical 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 any medical treatment provided to an employee or any member of his family in any...
Continue readingIntroduction 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 of running and maintenance of that car are met by the employer, it becomes a...
Continue readingIn 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, we will learn about Income under the head Salaries. Learning about Salary is really...
Continue readingHeads 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 to memorize. But I always favor the chart style learning where we can learn many...
Continue readingNational 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 in India. Also it is helpful in saving tax. Earlier there were two types of...
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