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
Expenses qualify for income tax deduction under section 80C
In chapter VIA of income tax act, 1961, the most widely used option to save tax is section 80C. This section allows an individual and HUF to save tax by investing in or spend on certain specified avenues. The maximum limit up to which you can claim tax deduction under section 80C is Rs 1,50,000 for the financial year 2018-19 and 2019-20.In this article, we will discuss … [Read more...] about Expenses qualify for income tax deduction under section 80C
Tax deduction on royalty income of book authors – Section 80QQB
An individual who is resident in India and is an author of a book is eligible for tax deduction under section 80QQB of the Income Tax Act, 1961. To get eligible, royalty income should have been incurred from a book should be a work of literary, artistic or scientific nature. This means, author of other types of books which are not literary, artistic or scientific nature are not … [Read more...] about Tax deduction on royalty income of book authors – Section 80QQB
8 things salaried persons should know before filing tax return – ITR
Filing income tax return can be a complex process if you do not understand the process and applicable tax laws. Therefore before filing your ITR, you need to make sure that all the documents are collected, relevant information is obtained and you know exactly how to process the ITR form.In this article we have listed 8 most important things that every taxpayer should … [Read more...] about 8 things salaried persons should know before filing tax return – ITR
How to calculate tax on gift for financial year 2022-23 & 2023-24
People exchange gifts on Diwali, Durga puja, marriage and on different occasions in India. Before receiving any gift from your relatives you should know the tax implications of it.Not all gifts received by you are exempted from income tax. In this article, we will be discussing tax implications on gifts.In order to know the tax implication, you first have to find out … [Read more...] about How to calculate tax on gift for financial year 2022-23 & 2023-24