Salary Income

  • Sec 140A(3): - When assessee fails to pay wholly or partially of Self Assessment Tax or Interest or penalty or less than, in such a case Assessing Officer may impose any amount of fine subject to Maximum of Tax in arrears.

    Sec 158BFA(2): - Minimum 100% of Tax leviable subject maximum of 300% of Tax liable on determination of Undisclosed Income.

    Sec 221 (1): - Any amount may be imposed by Assessing Officer as penalty on

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  • Wrong Calculation of Exemption of House Rent Allowance (HRA)

    So, Many times claim exemption of whole amount House Rent Allowance (HRA) Received even if Some portion of HRA is Taxable. Asseessee must take exemption of minimum of - 

    Actual HRA Received

    40% Of Salary or Incase of Metro Cities 50% of Salary

    Excess of Rent Paid over 10% Salary

    Note: - Here Salary means Basic plus Dearness Allowance (DA) if

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  • Any Person who had completed his or her Service Period expects some benefits on Retirement based on Performance during Service. Retirement benefits may be in form of Gratuity or Pension or Leave Encashment etc. Even Non Government Employers are also bound to provide Benefits subject to certain exemptions. Taxability of such Benefits depends on nature Benefits and type of Employee along Relevant Legislation.

     

    Gratuity

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  • Standard Allowance to Salaried Employees in Place of Medical Allowance or Reimbursement, and Transportation Allowances

     

    Treatment up to Financial Year 2017-18 ( Assessment Year 2018 - 19 ): -

     

    Medical Allowance: - Any Fixed amount of Money Received by Employee from Employer every Month i.e. Medical Allowance is Fully Taxable in Hands of Employee irrespective of amount

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  •  

    NPS Tax Benefits (Latest)
    This part has not been affected by the latest budget. Only contribution to Tier-I NPS account is eligible for income tax benefits.

    Investment up to Rs 1.5 lacs into NPS in a financial year is eligible for deduction under Section 80CCD(1). Please note this deduction comes under the overall ceiling of Rs 1.5 lacs for deduction under Section 80C. In

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