As per the provisions of section 192 of the income tax act, 1961, employee may furnish salary details incurred from previous employer to the current organization. If the employee has decided to furnish salary details to present organization, then it has to be reported in form 12B.As per rule 26A, Form 12B is a declaration to be submitted with following details in … [Read more...] about What is the use of form 12B in tax? How its different from 12BA
salary
When your income is chargeable to tax under the head salaries
Income under the head salaries is the first and the most important head for individuals. In this article, we will discuss when income is charged to tax under the head income from salaries.Before considering any income under the head salaries, the first condition to be looked for is the relationship between the payer and payee.If relationship of the payer and payee is … [Read more...] about When your income is chargeable to tax under the head salaries
House Rent Allowance or HRA exemption calculation
House rent allowance or HRA is considered to be one of the main component of salary provided by the employer in connection with rent of the accommodation taken by employee at the place of service.Based on the city’s living condition, house rent allowance is fixed before sending offer letters to employees. House rent allowance is taxable under the head "income from salary" … [Read more...] about House Rent Allowance or HRA exemption calculation