Salary - My Tax Support

Complete Guidance on Taxation on Regular and Commuted Pension

Pension Taxation: Regular vs. Commuted Pension Pension serves as a financial safety net for individuals after retirement. While it provides security, it also comes with tax implications. Under the Income Tax Act, 1961, pension income is taxed differently based

Gratuity Taxation: Exemptions and Limits Under Section 10(10): Complete Guidance

Gratuity Taxation: Exemptions and Limits Under Section 10(10) Gratuity is a monetary benefit provided by employers to employees as a token of appreciation for their long-term service. Under the Income Tax Act, 1961, gratuity payments are partially or fully

Motor Car Perquisites: Valuation and Taxation: A Complete Guidance

Motor Car Perquisites: Valuation and Tax Implications Motor cars provided by employers are a common perk for employees, especially in managerial or executive roles. However, under the Income Tax Act, 1961, these motor car benefits are treated as perquisites

Taxation on Rent-Free Accommodation and Concessional Rent Housing: A Complete Guidance

Taxation of Rent-Free Accommodation and Concessional Rent Housing: A Complete Guide Under the Income Tax Act, 1961, rent-free accommodation (RFA) and concessional rent housing provided by employers are treated as perquisites and are taxable in the hands of employees

Entertainment Allowance: A complete Guidance

Entertainment Allowance: Deduction for Government Employees Entertainment Allowance is a specific allowance provided to employees to cover expenses incurred for hosting official meetings or events. While this allowance is taxable for most employees, government employees can claim a deduction

Relief on Arrears of Salary Under Section 89: Complete Guide

Relief on Arrears of Salary Under Section 89: A Complete Guide for Taxpayers Receiving arrears of salary can result in a higher tax liability because it adds to your taxable income in the year of receipt. To mitigate the

Standard Deduction for Salaried Employees: A Complete Guide

Standard Deduction for Salaried Employees: How It Works The standard deduction for salaried employees is a significant tax provision that simplifies the process of claiming deductions by replacing itemized deductions. Introduced in its current form in Budget 2018, this

Impact of the New Tax Regime on Allowance Exemptions: Comprehensive Guide

The new tax regime under Section 115BAC, introduced in FY 2020–21, has brought significant changes to how taxpayers can claim allowance exemptions. While the older regime allowed salaried individuals to benefit from various allowances and deductions, the new regime

Old vs. New Tax Regime: Making the Right Choice for Salaried

Old vs. New Tax Regime: Making the Right Choice for Salaried Individuals Choosing between the old tax regime and the new tax regime under Section 115BAC can be confusing for salaried individuals. Each system has its benefits and drawbacks,

Section 115BAC: Key Features of the New Tax Regime

Section 115BAC: Key Features of the New Tax Regime The introduction of Section 115BAC in the Income Tax Act marked a significant shift in the way individual taxpayers and Hindu Undivided Families (HUFs) can calculate their taxes. The section,

Category: Salary