Medical Perquisite Exemption Simplified ! – Video

medical perquisite exemption

Medical perquisite exemption rules are easy to understand if you read section 17(2) of the Income Tax Act and relevant rules -Rule 3 and Rule 3A of Income Tax Rules. It is usual for employers to provide the medical reimbursement to employees and employees claiming exemption. But knowing rules which will keep the claim of the employee about medical perquisite tax free under … [Read more...]

How to Get Tax Clearance Certificate Valid for 5 Years !

tax clearance certificate

In previous post on tax clearance certificate under Income Tax Act , it was brought before readers , that expatriates in India are required to produce income tax  clearance certificate issued under section 230 of the Income Tax Act before  going out of country . Now , if an expatriate is deputed in India , he may be required to go and come in again and again. So , it is indeed … [Read more...]

Bribery Arrests : One IRS officer Arrested in Chennai & DGIT(Inv) Mumbai Home Searched

bribery charges

New year started with story of arrest of IRS officer on bribery charge and search of home of very senior officer of DGIT-(Inv) ! The Central Bureau of Investigation (CBI) arrested  Shreyas Bhandari along with Joint Commissioner (IT-Range VI), Chennai, Sallong Yaden, in the capital of Tamil Nadu on Saturday after monitoring them for a forthright.The two were apprehended while … [Read more...]

Off Market Transactions in Listed Shares : Keep An Eye on Tax Angle ?

off market transaction

When a persons buys or sell listed shares through stock exchange , there are many benefits attached. For example , shares become long term asset very early ( just one year ), gains on long term is tax exempt u/s 10(38) , short term capital gains are taxed at lower rate under section 111A of the Income Tax Act. But , one also get transparency and unquestionable data for price … [Read more...]