Archive | Income under the head Salaries

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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Why TDS has been deducted on my EPF?

Without doubt EPF continues to be the most loved product for the salaried. Both the employee and employer contribute to the EPF kitty; and we stand in hope of it coming to our rescue at difficult times. But when TDS is deducted on EPF balance, it comes as a harsh blow. Let’s understand the reasons […]

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Sign on bonus refunded to employer cannot be reduced from taxable salary: case law

While salary returns are one of the easiest to prepare and file; the topic of sign on bonus and its refund to previous employer, has been a grey area for most taxpayers. Some common questions that get asked are- Should sign on bonus form part of my taxable salary if I have already returned it […]

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Claiming tax relief on salary arrears? Don’t forget to file Form 10E

Receiving salary or pension in arrears might change your tax situation. You may fear it’s going to move you up a tax slab. Or tax rates may be higher in the year arrears are received as compared to the year to which they belong. To protect you from any additional tax burden, due to delay […]

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Countdown to the return filing due date: simple steps to e-file

We’re nearing the end of July and you may be worried about filing your taxes on time. Income tax department has sent out smses to taxpayers urging them to e-file on time. With barely a week at hand, don’t wait until the last minute. Here are some tips to make e-filing easier on you.   […]

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