IncomeTaxManagement: Perquisites of Specified Fringe Benefits or Amenities in the hands of all Employees

· 1. [Rule 3(7)(i)]- Interest Free or Concessional Loans – Its Valuation for computing Salary income

· 2. [Rule 3(7)(ii)]- The value of travelling, touring, accommodation and any other expenses paid for or borne or reimbursed by the employer for any holiday availed of by the employee or any member of his household – Its Valuation for computing Salary income

· 3. [Rule 3(7)(iii)]- Value of Free Food and Non-alcoholic Beverages – Its Valuation for computing Salary income

· 4. [Rule 3(7)(iv)]- Value of any Gift, Voucher or Token – Its Valuation for computing Salary income

· 5. [Rule 3(7)(v)]- Expenses on Credit Cards – Its Valuation for computing Salary income

· 6. [Rule 3(7)(vi)]- Club Membership and Expenses incurred in a Club – Its Valuation for computing Salary income

· 7. [Rule 3(7)(vii)]- Use of Moveable Assets – Its Valuation for computing Salary income

· 8. [Rule 3(7)(viii)]- Transfer of any Moveable Assets – Its Valuation for computing Salary income

· 9. [Rule 3(7)(ix)]- Treatment of any other benefit, amenity, etc. provided by the employer – Its Valuation for computing Salary income

· Tax Treatment of ‘Allowances’ Income to be included in Gross Salary- for computing Salary Income Allowance is a fixed monetary amount paid by the employer to the employee for meeting some particular expenses, whether personal…

· [Section 195]- TDS on Payment to a Non-Resident 1. TDS on income of Non-Resident: Any person responsible for paying to a non-resident, not being a company, or to…

· 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’…

· Refund of Tax under Income Tax Act. [Section 237 to 241] 1. Who should claim Refund of Tax ? Where an assessee has submitted any return of income and any refund…

· [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…

· Taxation In Companies - Company Taxation 1. [Section 6(3)]- Definitions & Types of Companies with Residential Status (1). Definition and Types of Companies 1. Company: As…

· Input Tax Credit or ITC under GST Under the GST regime. the Centre will give input tax credit for Central GST/IGST and the States will give input…

· Appeals & Revisions under Income Tax Act. 1. First Appeal Filed by the Assessee The first appeal against the order of Assessing Officer shall lie to the…

· Set Off or Carry Forward and Set Off Of Losses under Income Tax Act Income-tax is a composite tax on the total income of a person earned during a period of one previous year. …

· [Section 17(2)]- Tax Treatment of Medical Facilities provided to an Employee – for Computing Salary Income In the following cases, medical facility is not a perquisite and thus not taxable in the hands of the employees.…

· 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…

· 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…

· Value of Taxable Supply of Goods or Services under Chapter IV of CGST Rules (Rules 27 to 35) Basis of charge of GST is given by section 9. As per section 9, GST shall be levied on the…

· GST Registration, Modification and Cancellation Procedure The registration in GST is PAN based and State specific. Supplier has to register in each of such State or…

· [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…

· 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…

· 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…

· [Section 40]- Amounts Not Deductible for computing Profits & Gains of Business or Profession Notwithstanding anything contained in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable…

· [Section 44AD, 44ADA, 44AE]- Estimated or Presumptive Income method for Computing Business Income Under To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the…

· 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…

Perquisites of Specified Fringe Benefits or Amenities in the hands of all Employees

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Revision by the Principal Commissioner or Commissioner under Income Tax Act.

[Section 285BA]-Obligation to Furnish Statement of Financial Transaction or Reportable Account

Service of Notice under the Income-tax Act [Sections 282 to 284]

[Section 281B]- Provisional attachment of Property to protect revenue in certain cases

Restriction on Cash Transactions [Section 269ST and 271DA]

[Section 269T]- Mode of repayment of certain Loans or Deposits and Specified Advance Received

[Section 269SS]- Mode of taking or accepting certain Loans, Deposits and Specified Sum

Appeals to Appellate Tribunal [Section 253(1) and (2)]

First Appeal Filed by the Assessee

[Section 273A]- Power to Reduce or Waive Penalty