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Tax Implication
By
Omprakash Todwal
Anagram.
Wherever there is
Employer Employee
relationship
Chargeability of
Salary?
Chargeable on due or
receipt basis which
ever is earlier;
Salary Components
-
Allowances /
Reimbursements
Compensation
Retrenchment : Amount fully exempted where
scheme is approved by central govt. or in other
cases, amount calculated u/s 25 (b) of Industrial
Dispute Act, 1947
Voluntary : Exempted up to Rs. 5 lac / In case of
installment receipt up to overall Rs. 5 lac
Entertainment
Hospitality (5% of value in
case of Hotel )
Conference / sales
Promotions
Employees Welfare
Conveyance / tour
expenses
Hotel Expenses/Boarding /
Lodging
Telephone
Maintenance & depreciation
cost of Motor Car
Maintenance of House
Accommodation
Perquisites
Rent Free Accommodation As prescribed
Car If provided by company & Partly used for
personal purpose
Expenses born by Employer Rs.1200/- or
1600/ Expenses born by Employer Rs. 400/- or 600/ Chauffer Rs . 600/- per month
Interest / Concessional Loan Interest as
specified rate charged by SBI on Loan over
20,000/- is taken as taxable income
Tax Slabs..
General Up to 1 lac Nil
100001- 150000 : 10%
150001- 250000 : 20%
Above 250000 :30%
For Women
Up to 1.25 lac Nil
125001- 150000 : 10%
150001- 250000 : 20%
250001 and above : 30%
Tax Slabs..
For Senior Citizen Up to 1.35 lac Nil
135001- 150000 : 10%
150001- 250000 : 20%
250001 and above : 30%
10 % Surcharge of tax if taxable income is above
10 lac
2% Education Cess on Tax
Deductions / Rebate
Loss from House Property : Interest on Housing
Loan up to 1.5 lac if borrowed after 01/04/1999
Under chapter VI
:
u/s 80 D Premium of Mediclaim Policy
u/s 80 C : Up to 1 lac
LIC
PPF
PF
ELSS (notified MF Schemes) / ULIP
NSC
Infrastructure Bonds
Principal Amount of Housing Loan
Tuition fee of any of two children
Pension Fund
IT Returns
Form 24 Q Quarterly Return to be filed by
employer within 15 days
Form 24 Annual return to be filed on or before
30th June
Income certificate from Employer : Form 16
To be issued to the employees within one month
from last day of financial year
IT return to be filed by individual in Form 2 D
Saral on or before 31st July
In case of more than one employer in a year,
Form 12 C to be submitted to new employer by
the employee
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