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
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?
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
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
Value of perquisite on movable assets provided by employer
Value of benefit resulting from the use of any movable assets owned or hired by the employer shall be considered as perquisite if used by employees for any purpose other than official.Value of perquisite shall be determined based on the type of assets used by the employee. Value has to be determined as follows:For use of laptops and computers - NilFor assets other than … [Read more...] about Value of perquisite on movable assets provided by employer