Section 10(10C) of the Income Tax Act provides an exemption to employees who receive a certain amount on voluntary retirement or separation from service. This exemption is applicable to both government and non-government employees. According to the provisions of Section 10(10C), any amount received by an employee as a voluntary retirement compensation is exempt from […]
Section 10(10CC) of the Income Tax Act, 1961 deals with the taxation of non-monetary perquisites provided by an employer to an employee. Non-monetary perquisites refer to benefits or facilities provided by the employer other than monetary compensation. Under this section, any non-monetary perquisite provided by the employer is considered as taxable income for the employee.
Section 10(10D) of the Income Tax Act deals with the tax treatment of the sum assured received from a life insurance policy. According to Section 10(10D), any amount received under a life insurance policy, including the sum assured, bonus, or any other payment made on the death of the insured, is exempt from tax. This
Provident Fund (PF) is a social security scheme in India that provides financial assistance to employees after retirement or superannuation. The scheme is mandatory for all employees earning up to Rs. 15,000 per month. Under the PF scheme, both the employee and the employer contribute to the employee’s PF account. The employee’s contribution is deducted
The Sukanya Samriddhi Account is a popular savings scheme in India that aims to promote the education and welfare of the girl child. It offers attractive interest rates and tax benefits to account holders. Here, we will discuss the interest and withdrawals from the Sukanya Samriddhi Account under Section 10(11A) of the Income Tax Act.
A recognized provident fund is a retirement savings scheme that is approved by the government. It is a tax-efficient way to save for your future and enjoy certain benefits under Section 10(12) of the Income Tax Act. Section 10(12) provides for exemption from tax in the hands of an employee on the following payments received
Exemption of Amount payable at the time of Closure or Opting Out of National Pension Scheme (NPS) [Section 10(12A)]
Section 10(12A) of the Income Tax Act, 1961 provides that any amount received by an individual from the National Pension System (NPS) on account of closure or opting out of the scheme shall be exempt from tax to the extent of 60% of the total amount payable to him at the time of closure or
Tax-exemption to Partial Withdrawal from National Pension System (NPS) by an employee [Section 10(12B)]
Section 10(12B) of the Income Tax Act, 1961 provides tax exemption to partial withdrawals from the National Pension System (NPS) by an employee. This exemption is available for withdrawals made up to 25% of the employee’s own contribution to the NPS, subject to the terms and conditions specified by the Pension Fund Regulatory and Development
When it comes to retirement planning, superannuation funds play a crucial role in providing financial security. In India, the Income Tax Act, 1961, allows for certain exemptions and benefits for payments received from approved superannuation funds under Section 10(13). Section 10(13) of the Income Tax Act provides tax benefits on payments received from approved superannuation
House Rent Allowance (HRA) is a common component of most employees’ salary packages. It is provided by employers to help employees meet their rental expenses. However, when it comes to taxation, there are certain rules and regulations that govern the tax treatment of HRA. Under Section 10(13A) of the Income Tax Act, 1961, the HRA