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Allowances Taxability

Fully Taxable Allowances: Dearness Allowances, City Compensatory allowance, Medical Allowance, Tiffin allowance, Servant allowance, Project allowance, Overtime allowance, Warden Allowance, Family Allowance, Domestic Servant Allowance Partly Taxable Allowances: Allowances which is received by employee for meeting expenses related to the employer’s business …

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Leave salary exemption – Section 10(10AA)

If Leave salary encashment  is received by any employee while in employment then it is fully taxable in the hands of employee. While if leave encashment is received in case of retirement or superannuation or resignation, then exemption is available upto the …

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Sweat Equity Shares

If the following conditions are satisfied, then value of sweat equity shares will be taxable in the hands of employee in the year in which the shares are allotted or transferred to employees. (i) The security involved is either specified security or …

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Taxability for Specified Employees

 Specified Employees The following person shall be considered as specified employees: – An employee who is a director of company. An employee being a person who has substantial interest in the company i.e. who is the beneficial owner of equity shares carrying …

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Rent Free Accommodation – Perquisite

Computing taxable value in case of rent free accommodation or accommodation provided at concessional rate When accommodation is provided by the Government Case I – When unfurnished accommodation is provided Taxable Amount = License Fees – Rent actually paid by employee Case …

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Form 12BB in Excel, PDF, Word and Guide

Form 12BB in Excel Format Form 12BB in PDF Format Form 12BB in Word Format Form 12BB of income tax act is required to be filed with the employer if you want him to consider the HRA, LTA, Section 80 and interest …

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HRA provisions in Circular 8/2013

5.3.9 Under section 10(13A) of the Act, any special allowance specifically granted to an assessee by his employer to meet expenditure incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee is exempt from …

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