Income Tax Guide 2021 (FY 20-21) for Indian Seafarer (Merchant Navy)

Meaning of Seafarer A sailor, seaman, mariner or a seafarer is a person who navigates water bone vessels or assists as a crew member in their operation and maintenance. Seafarer holds a variety of ranks and professions, each of which carries unique responsibilities which are integral to the successful operation

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हाउस रेन्ट अलाउंस (HRA) एग्जेम्पशन – सेक्शन 10 (13A)

क्या है हाउस रेंट अलाउंस (HRA) ? हाउस रेंट अलाउंस एक भत्ता है जो के एम्प्लायर अपने एम्प्लाइज को उनके घर का किराया चुकाने के लिए देता है । यह भत्ता एम्प्लोयी के हाथ में टैक्सेबल (कर योग्य) होता है हालांकि, आयकर अधिनियम धारा 10(13 ए) [i.e. Section 10(13A) of

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Best Guide on HRA Exemption – Section 10(13A)

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

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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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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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Fringe Benefits

Fringes benefits taxable in case of all employees: – (1) Interest free or concessional loans from employer Taxable Value = Maximum outstanding monthly balance X Rate charged p.a. by SBI on similar loans on 1st day of the relevant previous year – Interest actually paid by employee or any of

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