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F.A.Q. on Indian Income Tax Laws!
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A blog to refer as solution to your problem about Indian Income Tax Laws. Readers can also ask question on Income Tax. The format of blog is kept as F.A.Q .
Recent Posts Tagged With 'salary'
Is Leave Encashment Taxable ?
I have changed my job recently and shifted from Chennai to Hyderabad. In have joined new company in the month of Feb 2008.My previous company has paid for the balance earned leave as leave encashement...
Am I Liable To File Two Returns?
My husband who was a retired Central Government employee passed away last year. After his death in Nov-07, I have been getting the pension, being the sole nominee. For purposes of tax calculation and ...
Is There Any Standard Deduction Available In Case Of Pension Income?
Please advise the IT section no. under which standard deduction from the Pension income is applicable & what is the limit.Also advise, whether the standard deduction is applicable for Pension / An...
Why Is Form 16 Issued For Period March To Faburary?
I am a state government employee serving in Judicial department. Our salary for the month of march will be received during April every year and our officials are going to submit statement of income-ta...
Is Salary or Pension Received By Employees Of United Nations Tax Free?
Yes is the emphatice answer .The provision given under the United Nations (Privileges And Immunities) Act, 1947 shall override all other laws passed in India , is given in section 2 which is as unde...
What Are The Types Of Pension Exempt From Tax?
Whether pension received by gallantry award holder is taxable as per Income Tax Act. Somya Krishnan ,KochiYes, pension received by gallantry award holder is tax free , but the types of award is also n...
How Is The Stock Appreciation Rights Taxed?
I am working for an IT company head quartered in US, which has given me shares as part ESOP . It was granted to me in Aug 2001 @10$/share and as per company's rule, 25% of granted share was vested in ...
Can School Fee Treated As Perquisite Be Allowed Deduction U/s 80C ?
I am working in a school & getting 100% rebate on Tuition fee on my 2 children's fee. The amount of rebate is added as a perquisite in my gross salary which increase the amount of TDS on salary bu...
Can One Claim Relief For Tax Paid In A Country With Which India Has No DTAA?
I worked in Hongkong for the period of 1/4/2007 to 30/6/2007 on Salary basis in a company. I was transferred in India in July 2007 in a branch of the same company, when i left Hongkong in July 2007 th...
Which Losses Can Be Adjusted With Salary Income?
There are five heads of income -salary,house property ,business ,capital gains and other sources. Out of these heads, losses may be incurred in any head except Salary. The question is , whether any lo...
What Should You Do In Case Of Receipt Of Salary From Two Employers?
This is a general query from many readers who have received salaries from two or more employers during the year. The I T Act provides clear provision and duties of the , both the employees and employe...
Is Fee To Lawyers or CA For Income Tax Case Allowable Expenditure?
I have paid Rs15000/- as legal fee to my Income Tax Lawyer in Jan 08 for representing my Scrutiny case of A/Y 2005-06, Can I Claim deduction of this amount from my salary income of A/Y 2008-09.Harish ...
Why Should I Pay Tax On 13 Months' Salary When I Earned For 12 Months Only?
I am working in SSSIHMS Prasanthigram.Today I received a notice from our Director asking for my income tax deduction for 13 months from March2007 to March2008 since they are going to pay me March2008 ...
Why Is Company Deducting Tax Even Though Salary Payment Is Below Exemption Limit?
TDS under sec 194 J @ 10% is deducted from the salary even though it is below the taxable slab (135000 for women). would that money be refunded when the person files IT Returns at the end of the FY. H...
Is Compensation Awarded By Court Taxable?
Like to know if compensation amount decreed by the court on account of very delayed release of benefits by employer attract income tax. It is only an amount not exchanged against any value. Also, what...
What Is Taxation Rule of Contribution to PF?
Employee Contribution to Provident Fund and Employer's Contribution to PF..Are both included in Income while preparing Form-16 and in return as well and deduction under 80c is available for both... [...
Is Retrenchment Compensation Awarded by Court Taxable?
Do we need to deduct TDS from retrenchment compensation awarded by the labour court.Prasanta Kumar Sahu Retrenchment compensation is defined as "Profits in Lieu of Salary" u/s 17 of the I t Act... [[...
Whether Life Time Pension Arrear Taxable In The hands of Legal heir?
Whether Life Time Pension Arrears (LTPA) payable to a deceased employee is taxable in the hands of nominee. In a other way ,whether such amount should be included to the total income of the nominee......
Are the Gratuity & Leave Salary received by legal heir Exempt?
Whether gratuity and leave salary becoming due on the death of an employee are taxable in the hands of nominee/legal heir? Please explain in detail.M K L Chand First of all , it should be known that....
Can I Claim HRA By Paying Rent To Wife?
I had taken a HBA from my office for the house which is jointly owned by me & by my wife. I repaid the full amount to the office and the land document is released to me by my office. Sine the house is...