Employees can accumulate the un-utilize paid leaves till their retirement or resignation from the company & which compels the employer to compensate the unutilized paid leave of the employees. This concept is better known as leave encashment.
Dearness Allowance is the additional payment the Government and Public Sector Entities make to their Employees and Pensioners. The intent is to mitigate the effect of rising inflation.
For issuance of Low TDS Certificate, AO cannot see profitability of assesses; But has to rely on 4 principles of Rule 28AA
From securing your future with investments in EPF, PPF, or ELSS, to safeguarding your loved ones with life insurance premiums, 80C offers a treasure trove of opportunities.
Transport allowance granted to an employee to meet his expenditure for the purpose of commuting between the place of his residence and the place of his duty is fully taxable
This article covers steps to Calculate Income Tax on Salary for FY 23-24 followed by an Illustration considering both Old and New Regime!
In the following article, the author will explore a very significant subject concerning the applicability of Section 186 to non-bank financial companies (NBFC)...
Section 43B of the Act provides a list of expenses to be allowed as deduction under the head 'Income from business and profession'. It states some expenses that can be claimed as deduction from the business income only in the year of actual payment and not in the year when the liability to pay such expenses is incurred even if the assessee follows mercantile basis of accounting.
Gross Total Income are the total income earned by an individual or entity before subtracting any deductions or taxes. It includes income from various sources such as salary, wages, business income, capital gains, interest, dividends, rental income, and any other sources of income.
Whether you're buying from a resident Indian or a non-resident Indian (NRI) seller, different TDS rules apply, and navigating them can be tricky.
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