Don't Worry , Be Happy !
Retirement pension is salary under Income Tax Act and many citizen of India who have given services to foreign government do get pension . Maybe at that point of time they have returned to India and now question regarding the taxation of such receipt in India bothers. A reader Sri Brahmanadam Belinini has asked following question ...
Rule 3 of the Income Tax Rule provides the method of computation of perquisite in case of rent free accommodation given by employer to the employee.The computation of perquisite is dependent on many factors including quantum of salary which is defined in Explanation (vi) to Rule 3 . The issue for this article is whether...
Gratuity receipt has , in recent , time become bitter word for employees who retired before 24/05/2010 , but received arrears of enhanced gratuity after 24/05/2010. One of the readers of this blog , Sri R.S. Midha , has exactly that problem . He asks “I retired from a Pb.Govt. Corporation, established under SFC’s Act,...
Loss from house property something is the only hope for salaried employees to save tax on the loan borrowed for home and as such reporting such loss in a prescribed form is beneficial to salaried class.Income Tax Act under sub-section (2B) of section 192 enables a taxpayer to furnish particulars of income under any head...
Salary taxation is what effect majority of tax payers.When you quit a job and joined another employer during the same year, there comes in question whether the salary received from the employer of past be reported to current employer or you can afford to account for those salaries directly in the return of income yourself....
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
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