Figyan

CA Bigyan Kumar Mishra

is a fellow member of the Institute of Chartered Accountants of India.He writes about personal finance, income tax, goods and services tax (GST), stock market, company law and other topics on finance. Follow him on linkedin or facebook or instagram or twitter.

Tax on monetary obligations of employee discharged by employer

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Monetary obligations of the employee discharged by the employer is always considered as taxable perquisite in the hands of the employee. Monetary obligations are considered as perquisite for the assessee because it would have been payable by him if the employer would not have discharged his liabilities.Therefore, the value of perquisite as determined is taxable under the … [Read more...] about Tax on monetary obligations of employee discharged by employer

When income is taxable under the head house property

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Income is chargeable to tax under the head house property if following conditions are satisfied:Rental income must be earned from a property which consist of building or lands appurtenant thereto; andAssessee must be the owner of the building; andsuch property is not used by the assessee for the purpose of any business or profession carried on by him/her, the profit of … [Read more...] about When income is taxable under the head house property

Is salary paid abroad taxable in India and what are its exceptions

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To understand whether salary paid abroad is taxable in India or abroad, we have to understand the place of accrual of salary. As per our tax laws, the place of accrual of salary is the place of employment.Section 9(1)(ii) states that salary earned for services rendered in India is deemed to accrue or arise in India even if it's paid outside India. Similarly pension paid … [Read more...] about Is salary paid abroad taxable in India and what are its exceptions

Did you know interest free loan to employees is not tax free?

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Certain employers in India offers low interest or interest free loans to their employees as a benefit. The value of the benefit resulting from concessional or interest free loan provided by the employer to the employee during the relevant previous year shall be considered as value of perquisite taxable in the hands of the employee.It will also be considered as perquisite … [Read more...] about Did you know interest free loan to employees is not tax free?

Is life insurance premium paid by employer taxable as perquisite

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Any amount paid or payable by the employer whether directly or through a fund other than a recognized provident fund or an approved superannuation fund or deposit linked insurance fund to effect an insurance on the life of the assessee or to effect a contract for an annuity is treated as taxable perquisite in the hands of the employee.Therefore, the value of the perquisite … [Read more...] about Is life insurance premium paid by employer taxable as perquisite