Nine O Six
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Is leave encashment taxable as a part of salary income?
Yes. The Income Tax Act states that leave encashment is taxable to certain extent as a part of "Salary Income."
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I am the legal heir of a Government Servant who recently passed away. I received a sum from his employer as retirement cum death benefits, which included an amount for Leave Salary / Encashment. Is this amount taxable?
No. The amount of Leave Salary / Leave Encashment received by the legal heir of a deceased employee is always fully Tax-exempt.The nature of employment does not matter in this case, as this receipt...
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What is Form 26AS?
Form 26AS is a consolidated tax statement maintained and managed by the Income-tax Department. It offers a summarized overview of a taxpayer's tax-related information, including income earned, Tax ...
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What is the process for verifying TDS information on my Form 26AS?
In order to verify the TDS information on your Form 26AS, you can follow these steps: 1.Access Form 26AS: Log in to the official Income Tax e-filing portal using your PAN (Permanent Account Number)...
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How is Leave Travel Concession (LTC) treated for tax purposes?
Leave Travel Concession (LTC) provided by employers for employees and their families' travel expenses within India offers tax-saving benefits. It is exempt from taxation under Section 10(5) of the ...
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How are employment perquisites taxed under the Income Tax Act, 1961?
Perquisites received by employees are taxed under the Income Tax Act, 1961. These benefits, whether provided directly or deemed to be provided, are valued in monetary terms and added to the employe...
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How do I correct errors in my PAN card data or update my personal information on my PAN card?
Updating PAN OnlineThere are 2 websites given by the government for updating your PAN card details via online method : 1) NSDL (now Protean) website- www.onlineservices.nsdl.com/paam/endUserRegiste...
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Should I include the tax amount on non-cash perquisites provided by my employer in my taxable income?
No, you are not required to include the tax amount on non-cash perquisites provided by your employer in your taxable income. According to Section 10(10CC) of the Income-tax Act, 1961, any tax paid ...
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Is there any difference between gross total income and taxable income?
Gross total income refers to the total income earned by an individual or entity before any deductions or exemptions. Taxable income, on the other hand, is the income on which taxes are actually cal...
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If I work in India as an employee of a multinational company and receive my salary outside India, am I required to pay taxes on this income in India?
Yes, according to the Income Tax Act, 1961, if you work in India as an employee of a multinational company and receive your salary outside of India, you are required to pay taxes on this income in...