Entertainment Allowance Deduction from Salary: Section 16(ii) of Income Tax
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 …
Employment Tax (Profession Tax) Deduction from Salary: Section 16(iii) of Income Tax
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 …
Tax Treatment of Gifts, Vouchers, Tokens: Employees’ Perquisites provided by Employer
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 …
Tax Treatment of Medical Reimbursements Paid by Employer to Employee
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 …
Companies (Accounting Standards) Amendment Rules, 2018 notified by MCA: AS 11 amended
The MCA has notified the Companies (Accounting Standards) Amendment Rules, 2018, to amend Accounting Standard (AS) 11: The Effects of Changes in Foreign Exchange Rates (revised 2003) applicable w.e.f. 1 April, 2018, …
ICAI withdraws Guidance Note on Accounting for Real Estate Transactions (Ind AS cases)
ICAI has withdrawn Guidance Note on Accounting for Real Estate Transactions (applicable to Ind AS entities), originally issued based on principles of Ind AS 11 (Construction Contracts) and Ind …
PF Admin Charges reduced to 0.5% from 01/06/2018 and EDLI Admin Charges waived by EPFO
PF Admin charges have been further reduced from 0.65% to to 0.5% applicable w.e.f. 1 June 2018, subject to a minimum of Rs. 500/ Rs. 75 in the case …
GSTR-3B Return Filing/ Tax Payment Due Dates, as Extended/ notified by CBEC: July 2017 to June 2018
CBIC has notified Monthly Due Dates, from time to time, for Summary Return Filing in Form GSTR-3B and for Tax Payment by 20th of the Following Month, during the …
MCA Clarification on Deadline of ‘Condonation of Delay Scheme (CODS) 2018’
MCA has clarified about the applicable deadline of 1 May 2018 for filing requirements under e-CODS 2018, in respect of the cases where revival orders are pending before the …
ICAI’s Clarification on Treatment of Enhanced Gratuity Ceiling (AS-15/ Ind AS-19)
To clarify the accounting treatment of the additional liability resulting from an increase in the gratuity ceiling under AS-15/Ind AS-19, the ICAI has released a list of frequently asked …