Direct and Indirect Tax Ready Reckoner for the Assessment Year 2022-23 & 2023-24.
1. Gratuity Gratuity is a payment made by the employer to an employee in appreciation of the past services rendered by the employee. Gratuity can either be received by: (a) the employee himself at the time of his retirement; or (b) the legal heir on the event of the death of the employee. […]
Valuation of Retirement Benefits – for Calculating Taxable Salary Income Read More »
So far, we have discussed what are the various incomes, allowances and perquisites which are exempt and which are to be included in gross salary. From the gross salary so computed, the following three deductions are allowed under section 16 provided the employee does not opt to be taxed under section 115BAC: (i) Standard
Section 16 – Deductions from Salaries Read More »
Provident Fund Scheme is a welfare scheme for the benefit of the employees. Under this scheme, certain sum is deducted by the employer from the employee’s salary as his contribution to the Provident Fund every month. The employer also contributes a certain percentage of the salary of the employee to the provident fund. These contributions
Tax Treatment of Provident Fund for Calculating Taxable Salary Income Read More »
Cases or situations of Tax Relief under section Section 89/Rule 21A when Salary is Paid in Arrears or in Advance for calculating taxable salary income for assessment year 2022-23 & 2023-24. Where, by reason of any portion of an assessee’s salary being paid in arrears or in advance or by reason of his having received
[Section 89/Rule 21A]- Tax Relief when Salary is Paid in Arrears or in Advance Read More »
1. Agricultural Income [Section 10(1)] As per Section 10(1) of the Income Tax Act, agricultural income earned by an individual in India is exempt from tax. This includes any income that is generated from agricultural land, such as rent received from leasing out the land or income earned from the sale of agricultural produce. However,
EXEMPTED INCOMES [Section – 10, 10AA, 11 to 13A] Read More »
Section 9, Income Accrue or Deemed to Accrue or Arise in India : Section 9 describes the Incomes which Accrue or Arise in India or are Deemed to Accrue or Arise in India for the purpose of computation of Taxable Income according to Residential Status of an Assessee as per Income Tax Act. (1) Accrue
1. Scope of Total Income / Incidence of Tax [Section 5] Total income of an assessee cannot be computed unless we know his residential status in India during the previous year. According to the residential status, the assessee can either be: (i) Resident in India; or (ii) Non-resident in India. However, individual and HUF
Residential Status [Sections 5 to 9B] Read More »
1. Income Tax Law An understanding of the Income-tax law requires a study of the following: (I) The Income-tax Act, 1961 (amended up-to-date) (II) The Income-tax Rules. 1962 (amended up-to-date) (III) Notifications, Circulars and clarifications issued from time to time by the CBDT (IV) Judicial decisions (I) The Income-tax Act, 1961
Income Tax (Section 1 To 4) Read More »
(A) In the case of every Individual or Hindu Undivided Family (HUF) (A1) If the individual or HUF opts to be taxed under OLD REGIME (I) In the case of every Individual (other than those covered in part (II) or (III) below) or Hindu Undivided Family (HUF) Total income (Rs.) Rate of
Rates of Income Tax for Assessment Year 2022-23 & 2023-24 Read More »
1. Provision inserted under Clause ( c ) of explanation to Section 10(4D) applicable w.e.f. 2022-23 As per Clause (c) of the explanation to Section 10(4D)m “Specified Fund” means – (i) A Fund established or Incorporated in India in the form of a Trust or Company or a Limited Liability Partnership or a Body Corporate
