Income Tax Payment and Education
Perquisite Meaning in Income Tax:- Perquisitesare those extra payments which are received by an employee from the employer above the salary. It may be defined as any casual benefit attached in addition to salary or wages. It also describes something that benefits a man by going into his own pocket. Perquisites may be offered in … Read more
PROVIDENT FUND meaning and types in INCOME TAX Provident Fund is a good initiative of the government to encourage savings habits and for the social security of employees, the Government has established various kinds of Provident funds. In this system the employee contributes a fixed percentage of his salary towards these funds and sometimes the … Read more
Salary Structure in India for income tax Salaries are paid by organizations,corporate, business entities etc to their employees in exchange for the services Provided by them. The salary paid by the employers to the employees contains different components, such as basic salary, allowance, perquisites, etc. Table Of Contents Salary structure in India in income … Read more
Meaning of Person in Income tax Act Person in income tax act 1961 u/s 2(31) is defined as an individual, firm, company, local authority, AOP/BOI, HUF etc who are liable to pay tax. Table Of Contents AN INDIVIDUAL Individual means a Natural Human Being that may be Male, Female, Minor, Unsound Mind etc. Note: · Income … Read more
Exempt Income Items & its section Section Particulars 10(1) Agricultural income. 10(2) Share received by the member from the Income of HUF. 10(2A) Share of profit of a partner in the Income of a firm. 10(4) (i) Interest on Notified Securities & Bonds held by a NR. (ii) Interest … Read more