1.Every person whose aggregated income exceeds the basic exemption limit. While calculating the aggregated income, He can get various deductions available under chapter VIA, which comprises mainly Section 80C, 80 CCD, 80D, 80TTA, 80 TTB etc. Examples of these deductions are: life insurance premium/Read more
1.Every person whose aggregated income exceeds the basic exemption limit.
While calculating the aggregated income, He can get various deductions available under chapter VIA, which comprises mainly Section 80C, 80 CCD, 80D, 80TTA, 80 TTB etc.
Examples of these deductions are:
life insurance premium/Health insurance premium
Contribution towards EPF/ PPF and NPS accounts
Interest from banks
Tuition fee for children
Repayment of home loans etc.
2. Apart from that any private or public company based out of India or doing business in India, firms, Hindu Undivided Family (HUFs), Association of Persons (AOP), Body of Individual (BOI) etc. are also liable to file ITR.
An assessee is a person who is liable to pay any tax or any sum of the amount payable or has any obligation to pay tax as per Section 2(7) of the Income Tax Act,1961. It includes: In simple words, if you have any liability to pay income tax, then you are an assessee. Following are the types of the aRead more
An assessee is a person who is liable to pay any tax or any sum of the amount payable or has any obligation to pay tax as per Section 2(7) of the Income Tax Act,1961.
It includes:
In simple words, if you have any liability to pay income tax, then you are an assessee.
Following are the types of the assessee:
Normal Assess: An individual who pays tax for the total income earned during a financial year.
Representative Assess: A person who is responsible to pay tax for the total income/loss caused by a third party.
Deemed Assess: A representative of legal authorities. Like Accounts officer of Electricity office
Section 14 of the Income Tax Act classifies all incomes under the following heads: Income from Salary Income from House Property Income from Business & Profession Income from Capital Gain Income from Other Source
Section 14 of the Income Tax Act classifies all incomes under the following heads:
Perquisites are taxable in the hand of employees to the extent as defined in Sec. 17(2) of the Income Tax Act, 1956. Generally, the taxable value of perquisites in the hands of the employees is its cost to the employer. like if the employer has provided a servent to the employee then the cost of hirRead more
Perquisites are taxable in the hand of employees to the extent as defined in Sec. 17(2) of the Income Tax Act, 1956.
Generally, the taxable value of perquisites in the hands of the employees is its cost to the employer.
like if the employer has provided a servent to the employee then the cost of hiring this servent will be the value of perquisit.
Althoug specific rules have been laid down in Rule 3 of the I.T for valuation of certain perquisites.
“Perquisite” is the casual emolument or benefit provided to the employee in addition to salary or wages.“Perquisite” is defined in section 17(2) of the Income Tax Act as including: (i) House without Rent or at concessional rent. (ii) Interest-Free Loan (iii) Facility of sweeper, gardener, personal aRead more
“Perquisite” is the casual emolument or benefit provided to the employee in addition to salary or wages.“Perquisite” is defined in section 17(2) of the Income Tax Act as including:
(i) House without Rent or at concessional rent.
(ii) Interest-Free Loan
(iii) Facility of sweeper, gardener, personal attendant
(iv) Car or other Automative Conveyance
(v) Amount paid by the employer in respect of an obligation which was actually payable by the assessee.
(vi) Value of any benefit/amenity granted free or at concessional rate to specified employees etc.
(vii) The value of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer, or former employer, free of cost or at concessional rate to the assessee.
(viii) The amount of any contribution to an approved superannuation fund by the employer in respect of the assessee, to the extent it exceeds one lakh Fifty Thousand rupees; and
(ix) the value of any other fringe benefit or amenity as may be prescribed.
Who need to file ITR as per Income Tax Act?
1.Every person whose aggregated income exceeds the basic exemption limit. While calculating the aggregated income, He can get various deductions available under chapter VIA, which comprises mainly Section 80C, 80 CCD, 80D, 80TTA, 80 TTB etc. Examples of these deductions are: life insurance premium/Read more
1.Every person whose aggregated income exceeds the basic exemption limit.
While calculating the aggregated income, He can get various deductions available under chapter VIA, which comprises mainly Section 80C, 80 CCD, 80D, 80TTA, 80 TTB etc.
Examples of these deductions are:
2. Apart from that any private or public company based out of India or doing business in India, firms, Hindu Undivided Family (HUFs), Association of Persons (AOP), Body of Individual (BOI) etc. are also liable to file ITR.
See lessWho is assesse as per Income Tax Act?
An assessee is a person who is liable to pay any tax or any sum of the amount payable or has any obligation to pay tax as per Section 2(7) of the Income Tax Act,1961. It includes: In simple words, if you have any liability to pay income tax, then you are an assessee. Following are the types of the aRead more
An assessee is a person who is liable to pay any tax or any sum of the amount payable or has any obligation to pay tax as per Section 2(7) of the Income Tax Act,1961.
It includes:
In simple words, if you have any liability to pay income tax, then you are an assessee.
Following are the types of the assessee:
- Normal Assess: An individual who pays tax for the total income earned during a financial year.
- Representative Assess: A person who is responsible to pay tax for the total income/loss caused by a third party.
- Deemed Assess: A representative of legal authorities. Like Accounts officer of Electricity office
See lessWhat are the Incomes Head for reporting in IT act?
Section 14 of the Income Tax Act classifies all incomes under the following heads: Income from Salary Income from House Property Income from Business & Profession Income from Capital Gain Income from Other Source
Section 14 of the Income Tax Act classifies all incomes under the following heads:
- Income from Salary
- Income from House Property
- Income from Business & Profession
- Income from Capital Gain
- Income from Other Source
See lessHow prequisit are taxed?
Perquisites are taxable in the hand of employees to the extent as defined in Sec. 17(2) of the Income Tax Act, 1956. Generally, the taxable value of perquisites in the hands of the employees is its cost to the employer. like if the employer has provided a servent to the employee then the cost of hirRead more
Perquisites are taxable in the hand of employees to the extent as defined in Sec. 17(2) of the Income Tax Act, 1956.
Generally, the taxable value of perquisites in the hands of the employees is its cost to the employer.
like if the employer has provided a servent to the employee then the cost of hiring this servent will be the value of perquisit.
Althoug specific rules have been laid down in Rule 3 of the I.T for valuation of certain perquisites.
See lessWhat is the prequisit as per Income Tax Act?
“Perquisite” is the casual emolument or benefit provided to the employee in addition to salary or wages.“Perquisite” is defined in section 17(2) of the Income Tax Act as including: (i) House without Rent or at concessional rent. (ii) Interest-Free Loan (iii) Facility of sweeper, gardener, personal aRead more
“Perquisite” is the casual emolument or benefit provided to the employee in addition to salary or wages.“Perquisite” is defined in section 17(2) of the Income Tax Act as including:
(i) House without Rent or at concessional rent.
(ii) Interest-Free Loan
(iii) Facility of sweeper, gardener, personal attendant
(iv) Car or other Automative Conveyance
(v) Amount paid by the employer in respect of an obligation which was actually payable by the assessee.
(vi) Value of any benefit/amenity granted free or at concessional rate to specified employees etc.
(vii) The value of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer, or former employer, free of cost or at concessional rate to the assessee.
(viii) The amount of any contribution to an approved superannuation fund by the employer in respect of the assessee, to the extent it exceeds one lakh Fifty Thousand rupees; and
(ix) the value of any other fringe benefit or amenity as may be prescribed.
See less