Should You Report Salary Received From Employer of Past to Your Current Employer?

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….

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Aggregate Leave Encashment even on switching jobs is exempt from tax upto Rs 3 lakhs

Leave encashment tax relief is not restricted to one job in a year. Every organisation divides the leaves that can be taken by an employee in casual leave (CL), sick leave (SL) and paid leave (PL) and credits them to their account annually. While the CLs and SLs lapse after the year ends, PLs are…

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Annual medical check-ups sponsered by Employees Fund now Exempt

CBDT has now inserted amendment to provide that any person receiving any income from any fund set up by is employer for the welfare of its employees to meet the cost of annual medical tests or medical check-ups of the member, his spouse and dependent children shall also be tax free as per section 10(23AAA)…

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Is tax paid by employer taxable in hand of employee as perquisite?

Perquisite by an employer tales many form and there is endless tussle between employer, employee on one side and tax department on other side as far as taxability of the tax paid by the employer in the hand of employee is concerned.In fact there is almost necessity to pay tax on behalf of expatriate employees…

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All about tax free medical reimbursement by employer.

There is no requirement of a specific type of treatment , as far as allowance of reimbursement of medical expense of Rs 15,000 in a year is concerned. It should be genuine medical treatment , for which employer has reimbursed up to Rs 15,000 in a year.

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Exemption u/s 10(10C) available for RBI employees opting Exit Option Scheme” should also be for S.B.I !

Venkat Rao, Behrampur asked “I want to know whether an employee who has retired voluntarily under “Exit Option Scheme” of S.B.I in the year 2006 is eligible to avail exemption upto Rs. 5 lakh of the ex-gratia amount he received u/s 10(10C) of the I.T Act ? If yes, kindly answer the same with latest…

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How to compute tax in case you get taxable PF accumulated balance?

Where the accumulated balance due to an employee participating in a recognised provident fund is included in his total income owing to the provi-sions of rule 8 not being applicable, the [Assessing] Officer shall calculate the total of the various sums of [tax] which would have been payable by the emp-loyee in respect of his total income for each of the years concerned if the fund had not been a recognised provident fund, and the amount by which such total exceeds the total of all sums paid by or on behalf

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Relief u/s 89(1) for arrear salary simplified with Excel Tool !Download it.

Central and State govt employees pay were revised in recent past on account of Sixth Pay Commission . So all govt. staff received lots of arrear payments for which now they are going to file return of Income . Naturally , one of the central concern among them is whether any relief from high tax on account arrear payments they received during FY 2009-10 are available. Yes, they can claim relief from tax on arrears received as per section u/s 89(1) of the I .T. Act. Read below

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Is Commuted Value of Pension Tax Free?

Whether the amount received as commutation of pension is taxable or not , Sardindu Basu, KolkataYes, the commuted value of pension is tax free as per section 10(10A) . However quantum is dependnt on the fact who is the employer who paid pension to you. Section 10(10A) states1. FULL exemption of commuted value of pension…

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Is Govt. contribution to the Employee by Employer under New Pension Scheme is Taxable?

The New Pension Scheme (NPS) has become operational since 1st January, 2004 and is mandatory for all new recruits to the Central Government Services from 1st January, 2004. Since then it has been opened to employees of State Governments, Private Sector and Self Employed (both organized and unorganized).P.VENKATA SIVA RAO, Banglore asks “Is Govt. contribution to the Employee by Employer under New Pension Scheme is Taxable?”

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