IncomeTaxManagement: ax Treatment of Perquisites Taxable in the hands of Specified Employees

· 1. [Rule 3(3)]- Valuation of Provisions by the employer of Services of a Sweeper, a Gardener, a Watchman or Personal Attendant – for computing Salary income

· 2. [Rule 3(4)]- Value of benefit to the employee resulting from the supply of Gas, Electric Energy or Water for household consumption – for computing Salary income

· 3. [Rule 3(5)]- Valuation in respect of Free or Concessional Educational Facilities to any member of employees’ household – for computing Salary income

· 4. [Rule 3(6)]- Valuation of Free or concessional journey given to the transport employees and their family members – for computing Salary income

· Exemption of Capital Gains under Sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G. 54GA and 54GB 1. [Section 54]- Exemption of Capital Gain on Transfer of House Property used for Residence Capital gain arising on the…

· [Section 7(1)(c)]- Activities specified in Schedule-I, treated as Supply of Goods or Services under GST even if made without Consideration As per Schedule I of the CGST Act, the following activities are to be treated as supply even if made…

· [Section 133A] - ‘Survey’ under Income Tax Act. ‘Survey’ contemplates a comprehensive and extensive view of the business or charitable activities of an assessee, subject to the limitations…

· Interest Payable By / To Assessee under Income Tax Act 1. [Section 234A]- Interest Payable by the Assessee for default in furnishing Return of Income U/s 139(1) The assessee is…

· Assessment and Audit under CGST Act, 2017 Word “Assessment” has been defined in Section 2(11) of the CGST Act, 2017. As per Section 2(11), Assessment means determination…

· Payment of GST in GST Regime 1. Types of Payments to be made in GST Regime For any intra-state supply For any interstate supply Taxes to…

· [Section 2(24)] - ‘Income’ Under Income Tax Act.– Concept & Definition The word 'Income' covers receipts in the shape of money or money's worth which arise with certain regularity or expected…

· Return of Income [Section 139 to 140] 1. [Section 139(1)]- Submission of Return of Income According to section 139(1), the following persons are required to furnish return…

· [Section 132]- Search and Seizure – Under Income Tax Act. 1. Authority who can issue Order for Search and Seizure U/s 132: Search and seizure can be authorised by— (a)…

· Taxability - Income from Other Sources [Sections 56 to 59] 1. Section wise Table – Income from Other Sources Sections Particulars 56 Income from Other Sources 56(1) Chargeability 56(2) Specific…

· Tax Treatment of ‘Retirement Benefits’ Income to be included in Gross Salary - for computing ‘Salaries’ Income Retirement Benefits Incomes includes …. Gratuity Pension Leave Encashment Retrenchment Compensation Compensation received on Voluntary Retirement 1. Treatment of ‘Gratuity’…

· Location of Supplier and Place of Supply of Goods and Services under GST Law The basic principle of GST is that it should effectively lax the consumption of such supplies at the destination thereof…

· [Section 30 to 37]- Expenses Allowed as a Deduction for computing Income under ‘Profit & Gains of Business or Profession’ 1. [Section 30]- Rent, Rates, Taxes, Repairs and Insurance for Buildings – for computing Profit & Gains of Business or…

· [Section 64]- Clubbing of Income of an Individual with income of Spouse, Minor Child, etc. 1. [Section 64(1)(ii)]- Remuneration of Spouse from a Concern in which the Other Spouse has Substantial Interest: In computing…

· Exemption Under Section 11 to 13 in case of Public Trusts for Charitable or Religious Purposes The income derived from a property held under charitable or religious trusts is exempt from tax under section 11 subject…

· Assessment of Charitable Trusts and Institutions 1. Exemption Under Section 11 to 13 in case of Public Trusts for Charitable or Religious Purposes The income derived…

· [Section 194A]- Interest other than Interest on Securities Interest other than Interest on Securities includes payments made in respect of: (i) Inter-corporate deposits / loans, (ii) …

· Capital Gains under Income Tax Act. 1961 – LTCG & STCG Cost of acquisition is the price which the Assessee has paid, or the amount which the Assessee has incurred, for…

· Investment Planning for Tax Savings 1. Investment in Sukanya Samriddhi Yojana (SSY) The Sukanya Samriddhi Yojana interest rate for January to March 2020 (Q4, FY…

· Computation of Capital Gains in different Cases 1. Computation of ‘Capital Gain’ in case of ‘Zero Coupon Bonds’ The profits arising on the transfer of such zero…

ax Treatment of Perquisites Taxable in the hands of Specified Employees

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