What is House Rent Allowance? House Rent Allowance (HRA) is an allowance paid by an employer to its employees for covering their house rent. Such allowance is taxable in the hand of the employee. However, Income Tax Act provides a deduction of hra under section 10(13A) subject to certain limits. Self employed
Persons required to deduct tax under this section Any person who is responsible for paying to a resident, commission or brokerage is required to deduct TDS. If commission is payable in respect of insurance commission under section 194D then such commission is not covered under this section. However in case
The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends within India is liable to deduct tax at source on dividends. Tax is to be deducted at the time of credit of such amount to account of
Certification for Tax Deducted at Source and Tax Collected at Source are to be issued in the following manner – Form no. 16 for TDS from Salary Form no. 16B for TDS under section 194-IA Form no. 16A for any other TDS Form no. 27D for TCS Time limit for
Any person responsible for paying to a resident any compensation on account of compulsory acquisition of any immovable property (other than agricultural land) is responsible for deducting tax at source. Tax is to be deducted at the time of payment of aforesaid sum in cash or by cheque or draft
Any expenditure not covered by section 30 to 36 is deductible under section 37, subject to the following conditions It should not be a capital expenditure It should not be personal expenses of the assesse It should be incurred wholly and exclusively for the purpose of business or profession It
(1) Subject to the conditions specified in sub-rule (2), a person— (a) in receipt of income or deemed income derived from property held under trust wholly for charitable or religious purposes and who claims exemption under section 11 or section 12; or (b) required to file a return in respect of a
In the following cases the person is deemed to be owner of the property even if they are not the legal owners of the property:- 1) An individual who transferred his property without adequate consideration to his or her spouse (otherwise than in connection with an agreement to live apart) his minor
The taxable value of medical facilities provided by an employer to his employee shall be calculated as under Treatment in hospital maintained by employer Medical treatment provided to employee or any of his family members in any hospital maintained by the employer is not chargeable to tax. Treatment in hospital
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