Category: Income tax

In respect of income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic companies, 115BAC for individual/HUF, and 115BAD for cooperative societies) or have been specified in Part I of the First … Read More » "Rates of income-tax in respect of income liable to tax for the financial year 2021-22 (AY 2022-23)"

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 … Read More » "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 … Read More » "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 … Read More » "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 … Read More » "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 … Read More » "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 … Read More » "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; and Assessee must be the owner of the building; and such property is not used by the assessee for the purpose of any business … Read More » "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 … Read More » "Is salary paid abroad taxable in India and what are its exceptions"