Archive | Income Tax


Income tax Exemption on Relocation allowance

Transfer of Employee from one location to another With the globalization and economic growth, business are continuously expanding into multi geographic locations. There is wider reach because of e-commerce connectivity, boom in technology and digitization. Employees working for a company from one location, have now multiple opportunities to work, grow and learn in different locations […]

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Tax benefit to salaried employee when Car is provided by the employer

It is a common practice in MNCs & Private limited companies to provide Cars to its employees for discharging official duties. Above a pay-scale or Grade of the employee, many companies provide a car to the employee. These cars are taken on lease by the company & used by the employee both for official as […]

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Tax exemption on Employee benefits* provided by Employer

Medical Insurance Premium paid by employer on your behalf In case your employer is providing you benefit in regard to paying your medical premium on your behalf & the premium amount is getting deducted from your salary, the payment by employer in any mode other than cash should satisfy the requirements of Section 80D since […]

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Tax benefit to employee on Medical Reimbursement of up to Rs.15,000

A lot of health benefits have become available to employee these days & with stretched working hours, job stress & other genetical factors, medical expenses incurred on yourself, spouse or children have become very common. Medical Reimbursement is an arrangement under which employers reimburse the portion of the health expenses incurred by the employee. The […]

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Section 80D- Tax benefits on taking a Health Insurance Plan

Section 80D offers one of the best tax saving benefits in India. Health Insurance premium paid towards purchasing a health insurance plan(also known as mediclaim) is allowed as a tax deduction under section 80D. Not only can you take benefit by purchasing health plan for yourself but also you can take the benefit by purchasing […]

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high value cash transactions

Govt has reduced tax burden on small traders & businessmen

Measures for Promoting Digital Payments & Creation of Less-Cash Economy In yet another game changing move, the ministry of finance has lowered the rate of deemed profits that are chargeable to tax under presumptive scheme for businesses. For the small business traders doing business in manufacturing, wholesale,retail or trading, opting for presumptive scheme of taxation […]

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tax saving investments

Tax Benefits on Children Education Allowance, Tuition fees & School Fees

In this article, we have enumerated the tax benefits available for payment of education fees of children that is part of the salary structure of the salaried individual as well as taking additional deduction under section 80C for making investments in children’s education. The government of India allows tax breaks & income tax exemption on […]

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SMS alerts to increase TDS transparency

We’re sure many of you reading this would have received an SMS from VK-ITDEFL that talks about receiving alerts on TDS deductions. The message reads: Dear Taxpayer, Our Government is happy to launch Quarterly SMS service for salaried persons about their TDS deductions. Arun Jaitley, Finance Minister As is apparent, the SMS alerts will tell […]

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