Is life insurance premium paid by employer taxable as perquisite

Any amount paid or payable by the employer whether directly or through a fund other than a recognized provident fund or an approved superannuation fund or deposit linked insurance fund to effect an insurance on the life of the assessee or to effect a contract for an annuity is treated as taxable perquisite in the … Read More » "Is life insurance premium paid by employer taxable as perquisite"

Value of perquisite on movable assets provided by employer

Value of benefit resulting from the use of any movable assets owned or hired by the employer shall be considered as perquisite if used by employees for any purpose other than official. Value of perquisite shall be determined based on the type of assets used by the employee. Value has to be determined as follows: … Read More » "Value of perquisite on movable assets provided by employer"

What is salary TDS certificate Form 16 – All you need to know

Form 16 is a certificate issued by the employer certifying the total amount of tax that has been deducted and deposited against employee’s permanent account number for the whole previous year. It’s also known as salary TDS certificate. Form 16 contains all the information that employees are required to prepare and file an income tax … Read More » "What is salary TDS certificate Form 16 – All you need to know"

5 steps for salaried persons to file income tax return online

Before getting into the steps of filing income tax return for a salaried individual, we want you to know the due dates of filing your tax return and late fee to be paid if its missed. IT return filing due date for a salaried person is 31st July of the following financial year to the … Read More » "5 steps for salaried persons to file income tax return online"

Due basis or receipt basis – When salary income is taxable

Before getting into what is due basis or receipt basis and when salary income is chargeable to tax, you first need to understand whether your income is taxable under the head salaries or under some other head of income. For instance, if you are hired by a software company as a contractor, amount incurred by … Read More » "Due basis or receipt basis – When salary income is taxable"

Which ITR form salaried individual should file for FY 2019-20

Before finding which ITR form a salaried individual should file with government, you must know whether you are liable to file your tax return or not. As per the present tax laws, every individual  whose total income before allowing deductions under Chapter VI-A, exceeds the maximum amount which is not chargeable to tax is obligated … Read More » "Which ITR form salaried individual should file for FY 2019-20"

How to file income tax return without form 16

Form 16 is known as a salary TDS certificate. It’s issued by the employer to an employee for the whole financial year showing all the taxes deducted from salary and deposited with the government. Form 16 is the first and most important document that every salaried individual required to file an income tax return. It’s … Read More » "How to file income tax return without form 16"

How to rectify mistakes after filing income tax return

Mistakes after filing income tax return can be rectified by the assessee within the time limit allowed by our tax laws. In this article we will discuss how to rectify mistakes or omission and what is the time limit to correct mistakes or omissions after filing income tax return. Here are a few mistakes that … Read More » "How to rectify mistakes after filing income tax return"

Expenses qualify for income tax deduction under section 80C

In chapter VIA of income tax act, 1961, the most widely used option to save tax is section 80C. This section allows an individual and HUF to save tax by investing in or spend on certain specified avenues. The maximum limit up to which you can claim tax deduction under section 80C is Rs 1,50,000 … Read More » "Expenses qualify for income tax deduction under section 80C"

How to calculate value of perquisite on rent free accommodation

Calculation of value of perquisite on rent free accommodation depends on the following factors; Who has provided the accommodation to assessee. Is it a government or non-government organization. Is the accommodation furnished or unfurnished. Is the accommodation provided rent free or at a concessional rate to employee. First we have to check the type of … Read More » "How to calculate value of perquisite on rent free accommodation"