Tag: Salary Income
Ensure a smooth TDS process for salary income with CBDT's Circular 4/2023. Get a comprehensive overview of the new tax regime now!
The CBDT has issued instructions/circular compiling the provisions/rates applicable u/s 192 for TDS on Salary payments to employees during FY 2022-23 (AY 2023-24), for the guidance of concerned employers/employees. …
Salaried individuals normally get House Rent Allowance (HRA) as a component of their salary which is partly exempt from income tax subject to certain conditions, stipulated in Section 10(13A) …
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 …
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 …
Transport allowance withdrawn by CBDT, i.e. provisions relating to exemption of ‘Transport Allowance’ of Rs. 1,600 pm for salaried individuals/ employees to meet their commuting costs between residence and …