Gratuity is a monetary benefit given by the employer to employees. It is governed by Payment of Gratuity Act, 1972. The exemption limit has been increased to Rs 20 lakh from the earlier Rs. 10 lakh.
Extension of Income Tax Due Dates
Vishal was dejected. He was feeling disheartened as he was left with no choice. He had to do what his dad, Shekhar, asked him to do this morning.
In order to accelerate the spreading of the startup movement in India, the Government had announced an action plan known as the Startup India initiative that addresses all the aspects of startup ecosystems.
Provisions of section 69C are very clear that wherever the assessee fails to explain the source of certain expenditure incurred during the year, the same may be deemed to be the income of the assessee.
CBDT has issued certain notifications to provide for the transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to clarify certain things under the Income Tax Act, 1961.
While computing income under the head income from capital gains, the most important thing to understand is the definition of a capital asset. However, let us discuss certain assets which are not considered capital assets.
Now the subscribers of NPS can remain in this investment medium after the age of 60 years or after their superannuation. Also, people above the age of 65 who want to open a new account in NPS can also do so.
A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of accounts and also from getting the accounts audited.
Tax is to be deducted by the Trustee of EPF Scheme,1952 or any other person authorized to make payment of the accumulated sum to the employees.
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