Income tax

Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, … [Read more...] about Relaxation for certain category of senior citizen from filing return of income-tax

In our last article, we discussed how to calculate the taxable value of perquisite where accommodation is provided by the employer. In this article, we will be discussing how to calculate the value of perquisite where accommodation is provided in a hotel by the employer. For this purpose hotel includes licensed accommodation in the nature of motel, service apartment or guest … [Read more...] about Value of perquisite where accommodation is provided in a hotel

House property can be let for residential or commercial purpose. Annual value from building or land appurtenant thereto is always taxable under the head income from house property. However based on different circumstances, taxation may change. Below in this article, we will be discussing how use of house property can change the way income is taxed in India. To get it taxable … [Read more...] about How use of house property matters in taxation

Deemed owner has been defined in section 27 of the income tax act, 1961. This section is an exception to the basic conditions of charging tax under the head house property. To get taxed under the head house property, following basic conditions are to be satisfied; The property must consist of building and land appurtenant thereto; andIt must be owned by the assessee; andThe … [Read more...] about When assessee is deemed to be the owner of house property

A person’s gross total income is the sum of income under five different heads calculated based on the tax laws. One of these heads is ‘income from house property’. This head includes rent earned from building or land appurtenant thereto which is chargeable to tax. Income is taxable under the head house property if conditions to section 22 is satisfied. As per this section, … [Read more...] about How to calculate taxable income on self occupied house property

Monetary obligations of the employee discharged by the employer is always considered as taxable perquisite in the hands of the employee. Monetary obligations are considered as perquisite for the assessee because it would have been payable by him if the employer would not have discharged his liabilities. Therefore, the value of perquisite as determined is taxable under the … [Read more...] about Tax on monetary obligations of employee discharged by employer

Income is chargeable to tax under the head house property if following conditions are satisfied: Rental income must be earned from a property which consist of building or lands appurtenant thereto; andAssessee must be the owner of the building; andsuch property is not used by the assessee for the purpose of any business or profession carried on by him/her, the profit of … [Read more...] about When income is taxable under the head house property

To understand whether salary paid abroad is taxable in India or abroad, we have to understand the place of accrual of salary. As per our tax laws, the place of accrual of salary is the place of employment. Section 9(1)(ii) states that salary earned for services rendered in India is deemed to accrue or arise in India even if it's paid outside India. Similarly pension paid … [Read more...] about Is salary paid abroad taxable in India and what are its exceptions