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
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!
Sukanya Samriddhi Yojana is the result for promoting girls’ welfare in India. This also helps in saving tax. So must read about it till end and get to know all about it in detail! Image source: Google Depositor: In thisContinue reading… All about Sukanya Samriddhi Yojana(SSY)
In Income Tax Act, 1961, Section 10 is specifically meant to explain all types of Income received which do not form part of Total Income. This section plays an important role in computation of taxable income. So as to understandContinue reading… Income which do not form part of Total Income
Total income of an assessee cannot be computed unless we know his residential status in India during the previous year. So you must learn about what is all written in the residential status in the Income Tax Act of India.Continue reading… Determination of Residential Status