Don't Worry , Be Happy !
When you quit a job and join another employer during the same year, a question regarding reporting of salary earned with the earlier employer do comes in , because it also determine the TDS required on the salary by the later employer. This is post is trying to simplify the provisions of law for such...
Commissioner , Professional Tax of West Bengal has issued circular that salary and wages earners upto Rs 5000 are exempted from payment of professional tax. The amendment effective from 01/04/2012 is result on account of Notification no.454 F.T. dt.31/03/2012 was issued by Finance dept. The said circular is as under GOVERNMENT OF WEST BENGAL DIRECTORATE [...]
Finance Bill 2012-13 has a good news as far as disallowance u/s 40(a)(ia) is concerned. Non deduction of TDS was very painful for the deductor because it not only invites penalty under TDS provisions , the business expense is also not allowed u/s 40(a) (ia) of the Income Tax Act. Finance Bill 2012-13 has brought [...]
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....
Let us take example of a Non Resident Indian who is giving services outside India and receives salary in his NRE account situated in India . The A.O tries to tax such salary on the ground that since salary has been received in India , it should be included in total income of assessee as...
Section 10(10) of the Income Tax Act lays down the quantum of exemption granted on the amount of gratuity received by a tax payer from his /her employer. The provision differentiate among three broad category of employees. While the gratuity received by central and state government is fully exempt if it is received on death [...]
HRA is exempt to certain extent under income tax law. Both for employee and employer , the computation of exemption out of HRA is an annual ritual. However , computation of exemption out of HRA is a bit tedious . For example , the computation is based on population of city in which employee has taken house on rent. For [...]
Now new government staff and even other employer are providing pension through contribution to New Pension Scheme . Government employees will be happy to note that Finance Bill 2011-12 has one amendment which will give them big tax relief. The relief is that now the contribution by central government or any employer to new pension [...]
Advance tax liability arises when a tax payer has the tax liability in any year exceeds Rs 10,000. Section 208 of the I T Act says advance tax shall be payable in every case where the amount of such tax payable is ten thousand rupees or more. Naturally, a salaried employee can , by the...
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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