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Commentary
Updated up to The Finance Act, 2016
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13 Records 
BASIC CONCEPTS
1.1 Assessment year/previous year
1.2 Residential status and incidence of tax
1.3 Scheme of the Act
HOW TO COMPUTE SALARY INCOME
2.1 Are you an employee
2.2 Basis of charge
2.3 Salary components and their tax treatment
2.4 Salary while in service
2.5 Allowances
2.6 Leave encashment on retirement
2.7 Retrenchment compensation
2.8 Pension
2.9 Gratuity
2.10 Payments received on voluntary retirement/separation
2.11 Payments to and from provident funds
2.12 Payments to and from approved superannuation funds
2.13 Payments from approved gratuity funds
2.14 Salary/Pension received from UNO
2.15 Sums received under life insurance policies
2.16 New Pension Scheme
2.17 Leave travel concession
2.18 Taxability of shares allotted under ESOP/ESOS
2.19 Profits in lieu of salary
2.20 Deductions from gross salary
2.21 Computation of salary income
ANNEX 2.1 GALLANTRY AWARDS NOTIFIED UNDER SECTION 10(18)
VALUATION OF PERQUISITES
3.1 The statutory background
3.2 What is a perquisite
3.3 Statutory definition
3.4 Certain basic principles
3.5 Benefit/Amenity to specified employees
3.6 Discharge of employee's obligations by employer
3.7 Life insurance/annuity payments
3.8 Contributions to superannuation funds
3.9 Sweat equity shares
3.10 Other fringe benefits
3.11 Rule 3 effective from 1-4-2009
3.12 Rule 3 is mandatory
3.13 Provision of residential accommodation
3.14 Provision of domestic servants
3.15 Supply of Gas/Electricity/Water
3.16 Educational facilities
3.17 Concessional/Interest-free loans
3.18 Use of employer's movable assets
3.19 Transfer of employer's movable assets
3.20 Provision of motor-car and other conveyances : Rule 3(2)
3.21 Transport facility allowed by transport undertakings
3.22 Holiday facilities
3.23 Free food and non-alcoholic beverages
3.24 Gifts on ceremonial occasions
3.25 Credit card facilities
3.26 Club facilities
3.27 Other benefits/amenities
3.28 Sweat equity shares or Employees Stock Option Plan (ESOP)
3.29 Perquisites/allowances exempt from tax in the case of Chairman/Members of UPSC (serving & retired)
3.30 Medical facilities
3.42 Perquisites/allowances exempt from tax in the case of Chairman/Members of UPSC (serving & retired)
ANNEX 3.1 DEPARTMENTAL CLARIFICATION ON VALUATION OF PERQUISITES (FOR FINANCIAL YEAR 2015-16)
ANNEX 3.2 RELEVANT EXTRACTS OF PARA 5.1 OF CIRCULAR NO. 6/2004, DATED 6-12-2004
ANNEX 3.3 EXEMPTIONS - UNION PUBLIC SERVICE COMMISSION, ALLOWANCES AND PERQUISITES PAID TO CHAIRMEN, MEMBERS, ETC. - NOTIFIED ALLOWANCE AND PERQUISITES
ANNEX 3.4 LIST OF HOSPITALS RECOGNISED UNDER CENTRAL GOVERNMENT HEALTH SCHEME
HOW TO COMPUTE PROPERTY INCOME
4.1 What is 'house property'
4.2 Ownership of property
4.3 Computation of income from house property
4.4 Computation of income from let out properties
4.4A Computation of income from property having only vacant period during the previous year
4.5 Computation of income from self-occupied property
4.6 Computation of income - When more than one house is self-occupied
4.7 Deduction towards interest on borrowed capital in case of self-occupied properties
4.8 Computation in nutshell in case of self-occupied properties
4.9 Computation of income from unoccupied property
4.10 Income from self-leased properties
4.11 Recovery of unrealised rent after claiming deduction - Position till assessment year 2016-17 [Sec. 25AA]
4.12 Taxation of arrears of rent in the year of receipt - Position till assessment year 2016-17 [Sec. 25B]
4.13 Taxation of unrealised rent and arrears of rent - Position from assessment year 2017-18
4.14 Treatment of losses
HOW TO COMPUTE CAPITAL GAINS
5.1 When does capital gain arise
5.2 What is a capital asset
5.3 What is 'transfer'
5.4 Transactions not regarded as transfer
5.5 Long-term and short-term capital assets
5.6 Determination of consideration received on deemed basis
5.7 Net consideration received
5.8 Cost of acquisition
5.9 Cost of improvements to assets
5.10 Computation of short-term capital gains
5.11 Tax on short-term capital gains
5.12 Computation of long-term capital gains
5.13 Bonus shares/Right shares
5.13A Forfeiture of advance money
5.14 Exemptions
5.15 Tax on long-term capital gains
5.16 Capital losses
ANNEX 5.1 BONDS NOTIFIED UNDER SECTION 54EC
HOW TO COMPUTE INCOME FROM OTHER SOURCES
6.1 Items includible
6.2 Dividends/Income from Units of UTI or mutual funds
6.3 Points to be borne in mind
6.4 Winnings from lotteries, etc. - An exception
6.5 Deductions admissible
6.6 Receipts under Keyman Insurance Policy
6.7 Other insurance moneys
6.8 Taxation of gifts/receipts without consideration to be treated as income
6.9 Forfeiture of advance money
6.10 Introduction
6.11 Incentive bonus
6.12 Additional conveyance allowance
6.13 LIC Agents
ANNEX 6.1 DEDUCTION OF EXPENSES ON COMMISSION PAYABLE TO AGENTS OF MUTUAL FUND
ANNEX 6.2 ALLOWANCE OF AD HOC DEDUCTION TO INSURANCE AGENTS OF LIC, NOT MAINTAINING DETAILED ACCOUNTS FOR EXPENSES INCURRED BY THEM
KNOW ABOUT SOME EXEMPTIONS, CERTAIN DEEMED INCOMES AND CLUBBING PROVISIONS
7.1 Insurance policies [Section 10(10D)]
7.1A Sukanya Samriddhi Scheme
7.2 Scholarships [Section 10(16)]
7.2A Gold Monetisation Scheme [Section 10(15)]
7.3 Awards [Section 10(17A)]
7.4 Compensation received by victim of Bhopal Gas Leak Disaster [Section 10(10BB)]
7.4A Compensation received on account of disaster [Section 10(10BC)]
7.5 Units of UTI
7.6 Amount received under Reverse Mortgage Scheme
7.7 Clubbing provisions
7.8 Special provisions for persons governed by Portuguese Civil Law
7.9 Losses from business
ANNEX 7.1 AWARDS/REWARDS NOTIFIED UNDER SEC. 10(17A)
DEDUCTIONS & RELIEFS
8.1 Contributions/payments to life insurance premia, provident fund, etc
8.2 The specified contributions/payments
8.3 Contribution to certain pension funds [Section 80CCC]
8.4A Ceiling limit on aggregate deduction under sections 80C, 80CCC and 80CCD
8.4B Additional deduction for assessment years 2011-12 and 2012-13 only [Section 80CCF]
8.5 Deduction in respect of investment made under any equity saving scheme [Section 80CCG]
8.6 Deduction on health insurance/CGHS contributions/Preventive health check-up payments [Section 80D]
8.7 Medical treatment etc. of dependants with physical disability [Section 80DD]
8.7A Medical treatment for specified chronic diseases/terminal ailments [Section 80DDB]
8.8 Interest on loans taken for higher education [Section 80E]
8.9 Deduction in respect of interest on loan taken for residential house property - Position upto assessment year 2016-17 [Sec. 80EE]
8.9A Deduction in respect of interest on loan taken for residential house property - Position from assessment year 2017-18 [Section 80EE]
8.10 Rent paid for residential accommodation [Section 80GG]
8.11 Deductions under section 80L
8.12 Interest incomes exempt under section 10
8.13 Deduction in respect of royalty income of authors [Section 80QQB]
8.14 Deduction in respect of royalty on patents [Section 80RRB]
8.15 Deduction in respect of interest on deposits in savings account [Section 80TTA]
8.16 Relief to persons with disability [Section 80U]
8.17 Relief under section 89, read with rule 21A
8.18 Rebate of Rs. 5,000 for resident individuals having total income up to Rs. 5 lakh [Sec. 87A]
ANNEX 8.1/2 STANDARD FORMAT OF THE CERTIFICATE IN CASE OF DISABILITIES OTHER THAN MENTALRETARDATION
ANNEX 8.3 STANDARD FORMAT OF THE CERTIFICATE IN CASE OF MENTAL RETARDATION
ANNEX 8.4 Clarification regarding deduction in respect of contribution to pension scheme under section 80CCD
COMPUTATION OF NET INCOME AND GROSS TAX
9.1 The step-by-step process
9.2 Rounding off of total income
9.3 Tax rates
9.4 Rounding off of tax
9.5 Illustration
COMPUTATION OF NET TAX PAYABLE
10.1 Assessment year 2015-16
HOW TO PAY TAXES
11.1 Four modes of payment
11.2 Deduction of tax at source
11.3 Advance tax
11.4 Self-assessment tax
11.5 Demand tax
11.6 Where to pay taxes
11.7 Interest payable for defaults
FILE YOUR RETURNS OF INCOME
12.1 Who should file return of income
12.2 Return in response to notice
12.3 Bulk return by employer
12.4 When should the return be filed
12.5/6 Filing of Return
12.7 Return can be filed even after the due date
12.8 Return can be revised
12.9 Treatment of defective returns
12.10-12 Interest for defaults
12.13 Penalty for failure to furnish return of income
12.14 Permanent Account Number
ASSESSMENT AND HOW TO FACE IT
13.1 Position in respect of salaried employees
13.2 The statutory provisions
13.3 Regular/Scrutiny assessment
13.4 Importance of the acknowledgement slip
13.5 Preparations prior to hearing
13.6 Assessee's role during the hearing
13.7 Assessee's role after the hearing
13.8 Refunds