Category: Income Tax
The threshold limit for deduction of TDS under Section 194A of the Income Tax Act, 1961, in respect of interest payments by banks/ post offices on term/ fixed/ recurring …
Standard Deduction limit has been increased, by the Finance Act, 2019, from Rs. 40,000 to Rs. 50,000, for benefit of Salaried/ Pensioner Individuals or Taxpayers from FY 2019-20/ AY …
CBDT has clarified/reiterated that no tax (TDS) is required to be ‘deducted at source’ in the case of senior citizens where the amount of such income (credited or paid) …
CBDT notifies amended IT Rules 28, 28AA, 28AB, 37G and 37H along with Revised Form 13 to implement E-process for issue of Certificate under Section 197/ 206C for Lower/ …
Form 26AS is an annual statement generated from database maintained by the Income-tax Deptt. under Rule 31AB and made available to taxpayer latest by 31 July following the relevant …
Section 192(2) of Income Tax provides for cases where an individual is simultaneously working with multiple employers or has just changed employment during the financial year. In the case …
Section 16(ii) of Income Tax Act, 1961 provides for deduction of ‘Entertainment Allowance’, from salary income, to the extent of lower of 20% of salary or Rs. 5,000, in …
Section 16(iii) of Income Tax Act, 1961 provides for deduction of any sum paid by the assessee on account of Employment Tax/ Profession Tax, levied within the meaning of …
Any gift or vouchers or token in lieu of which such gift may be received, given by the employer to the employee or member of his household, is taxable as …
Medical Reimbursements made by the employer to employee exceeding Rs. 15,000 p.a. are considered as perquisite and taxable u/s 17(2). Provisions relating to determination of value of perquisites have …