Advance Tax Due Dates, Calculation, Applicability
These Provisions are applicable from the Financial year 2016-17. For previous years up to 2015-16 click here What is Advance Tax Applicability Due Date for payment Calculation and Payment Notice by Assessing Officer Difference Between Advance Tax and Self Assessment Tax What is Advance Tax Income Tax Act requires to deposit income tax on an […]
Voluntary retirement or separation – Section 10(10C)
If an employee receives compensation(whether in one go or in instalments) on voluntary retirement or separation, Section 10(10C) provides for exemption for such amount, subject to a maximum of Rs. 5,00,000. This exemption is available to employee of any of the following:- (i) a public sector company (ii) any other company (iii) an authority established […]
Retrenchment Compensation – Section 10(10B)
Retrenchment compensation received by an assessee shall be exempt of the least amount from the following. Actual amount received 5,00,000 An amount calculated in accordance with section 25F(b) of the Industrial Disputes Act, 1947 i.e 15 days average pay x completed year of service or part thereof in excess of 6 months
Meaning of Debit Note and Credit Note and use in GST
Meaning of Debit Note Debit Note is a document/voucher given by a party to other party stating that such other party’s account is debited in the books of sender. For example: A trader “ABC” purchases goods from “XYZ”. After receiving the material, ABC founds that the goods contain some defective goods of value of Rs. […]
Pension – Section 10(10A)
Uncommuted pension i.e pension received in regular instalments is taxable for all employees. Commuted means to pay in one time rather to pay in instalments. Commuted pension is exempt from tax as per the following provisions: Employees of Central Government, State Government, Local authority, statutory corporation Commuted pension is fully exempt in hands of such […]
Gratuity Exemption – Section 10(10)
If Gratuity is received by any employee while in employment then it is fully taxable in the hands of employee. While if gratuity is received in case of death or retirement or resignation, then exemption is available up to the following limits. In case of Government employee Any gratuity received by an employee of Central […]
Leave travel concession – Section 10(5)
What is Leave Travel Allowance (LTA)? Conditions and Calculation for exemption of LTA Maximum amount of deduction Other Points to be kept in mind How to claim Leave travel allowance (LTA) in Income Tax Return What is Leave Travel Allowance (LTA)? Leave travel allowance is an allowance given by an employer to his employee for […]
Deduction in respect of medical treatment etc – Section 80DDB
Eligible Assessee Resident individual (whether Indian Citizen or not) or Resident HUF Deduction is allowed for the expenditure incurred for medical treatment of the specified disease or ailment prescribed by board in respect of any of the following persons In case of individual – for himself, spouse, children, parents, brothers, sisters dependant mainly on such […]
Section 80TTA – Deduction of Interest from Savings Account
Eligible Assessee Individual or HUF (Whether resident or non resident). No benefit is available to partnership firms, company, LLP, AOP etc. If the individual is a senior citizen then deduction is allowed under Section 80TTB from financial year 2018-19. Deductible Amount Interest on deposits in saving account up to a maximum of rs. 10,000. The […]
Documents Needed For ITR
Our actions today will help us in future situations. Taking the necessary steps and precautions now can help you when tax season rolls around. By keeping all the details and documents required when filing taxes, the stress arising from filing your tax return can be significantly reduced. Let’s review the commonly required documents needed for […]