Income Tax

Deemed Ownership – Section 27

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

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Taxability of Medical Facilities

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

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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

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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

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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

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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

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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

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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

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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,

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