tag:blogger.com,1999:blog-57031092513936862512024-03-23T15:45:09.144+05:30SAVEURTAXEverybody Needs an EXPERTAnonymoushttp://www.blogger.com/profile/14541317600907170381noreply@blogger.comBlogger42125tag:blogger.com,1999:blog-5703109251393686251.post-13163860755226734702018-03-23T03:23:00.001+05:302018-03-23T03:25:11.684+05:30Advisory to Taxpayers on Improved GSTR-3B Return Filing Process<div dir="ltr" style="text-align: left;" trbidi="on">
<h3 style="height: 0px; text-align: left;">
<span style="font-weight: normal;"><a name='more'></a><br /></span>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">Filing of GSTR 3B Return made easier and user friendly.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">Optimum utilization of ITC is displayed by System, which however can be edited.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">The amount to be paid in cash after taking into account ITC, gets displayed.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">One click Challan preparation to avoid payment of tax under wrong heads.</span></li>
<span style="font-weight: normal;"><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Details</span></span>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">FAQs and User Manual are provided alongwith pop ups, to guide taxpayers while filling Form GSTR 3B.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">Fill either CGST or SGST/UGST amount, other tax will get auto filled.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">Form GSTR 3B can be previewed or downloaded, for cross verifying saved details in any table(s), by Clicking <span style="box-sizing: border-box;">PREVIEW DRAFT GSTR-3B</span> button. The draft Summary page of your GSTR-3B can be downloaded for review.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">Once taxpayer proceeds to payment, the details of balances as available in cash and credit ledgers can be seen (refer Table 6.1 – Payments Table) at one place.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">Tax liabilities as declared in the return along with the credits gets updated in the ledgers and displayed in the “Tax payable” column of the payment section and can be seen while hovering on the said headings of credit in the payment section.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">System auto-populates “Tax to be paid through ITC” fields with optimum utilization amounts based on provisions of the law relating to credit utilisation. It is suggestive and taxpayer may edit the ITC utilization. In case ITC utilization is changed, the cash to be paid also gets changed accordingly.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">If available cash balance in Electronic cash ledger is insufficient to offset the liabilities, additional cash required for paying liability is displayed in the last column of the Table (Additional cash required). Taxpayer may create challan for that amount directly by clicking on the <span style="box-sizing: border-box;">CREATE CHALLAN</span> button. Once online payment is made, system will navigate back to Payments Table.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">Click the <span style="box-sizing: border-box;">MAKE PAYMENT/POST CREDIT TO LEDGER</span> button to pay off the liabilities or to claim credit in case of no liabilities.</span></li>
<li style="box-sizing: border-box;"><span style="font-weight: normal;">Click “Proceed to file” and File GSTR-3B with EVC or File GSTR-3B with DSC. ("Submit" button has been removed).</span></li>
<span style="font-weight: normal;">x</span></h3>
<div class="row" style="box-sizing: border-box; color: #212121; font-family: verdana, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; margin-left: -15px; margin-right: -15px;">
<div class="col-xs-12" style="box-sizing: border-box; float: left; min-height: 1px; padding-left: 15px; padding-right: 15px; position: relative; width: 1140px;">
<div data-ng-bind-html="news.content | to_trusted" style="box-sizing: border-box; margin-bottom: 10px;">
</div>
</div>
</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-27470578513770068442018-03-23T03:21:00.000+05:302018-03-23T03:21:00.613+05:30Govt Issues Anti-Profiteering Complain form to complain about firms not passing gst benifit<div dir="ltr" style="text-align: left;" trbidi="on">
Govt has issued Anti Profiteering complain form -APAF-1 to file complain </div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-63957009663820778562017-11-11T20:17:00.001+05:302017-11-11T20:27:51.481+05:30GST Return Due Date {Revised on 10th November 2017}<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWQImJq7Qikpec3-0eKbQSwgsNdMZbSJerQN6DXCpe6rxycuQx41xfsfa5YrlhWD-OFQF3pUFQisulwk5OYCKU5d9ExtC1iVPj9cgteKtCEktrZ-7stYBkRozCg1yH5B38qcV214vWOgM/s1600/IMG-20171111-WA0068.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1206" data-original-width="1080" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWQImJq7Qikpec3-0eKbQSwgsNdMZbSJerQN6DXCpe6rxycuQx41xfsfa5YrlhWD-OFQF3pUFQisulwk5OYCKU5d9ExtC1iVPj9cgteKtCEktrZ-7stYBkRozCg1yH5B38qcV214vWOgM/s400/IMG-20171111-WA0068.jpg" width="357" /></a></div>
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-9199287684884671732017-10-07T18:44:00.001+05:302017-10-07T19:31:40.428+05:30Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017<div dir="ltr" style="text-align: left;" trbidi="on">
<span class="fontstyle2"><br /></span><span class="fontstyle0" style="font-size: 12pt;"><u><i><b>Composition Scheme</b></i></u></span><br />
<span class="fontstyle2">1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.</span><br />
<a name='more'></a><span class="fontstyle2"><br />The facility of availing composition under the increased threshold shall be available to both migrated<br />and new taxpayers up to 31.03.2018. The option once exercised shall become operational from the first day of the month immediately succeeding the month in which the option to avail the composition<br />scheme is exercised. New entrants to this scheme shall have to file the return in FORM GSTR-4 only for that portion of the quarter from when the scheme becomes operational and shall file returns as a normal taxpayer for the preceding tax period. The increase in the turnover threshold will make it possible for greater number of taxpayers to avail the benefit of easier compliance under the composition scheme and is expected to greatly benefit the MSME sector.<br />2. Persons who are otherwise eligible for composition scheme but are providing any exempt service (such as extending deposits to banks for which interest is being received) were being considered ineligible for the said scheme. It has been decided that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.<br />3. A Group of Ministers (GoM) shall be constituted to examine measures to make the composition scheme more attractive.</span><br />
<span class="fontstyle0" style="font-size: 12pt;"><b><u><i><br /></i></u></b></span>
<span class="fontstyle0" style="font-size: 12pt;"><b><u><i>Relief for Small and Medium Enterprises</i></u></b></span><br />
<span class="fontstyle2">4. Presently, anyone making inter-state taxable supplies, except inter-State job worker, is compulsorily<br />required to register, irrespective of turnover. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J& K) from obtaining registration even if they are making inter-State taxable supplies of services. This measure is expected to significantly reduce the compliance cost of small service providers.<br />5. To facilitate the ease of payment and return filing for small and medium businesses with annual<br />aggregate turnover up to Rs. 1.5 crores, it has been decided that such taxpayers shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the third </span>quarter of this financial year i.e. October-December, 2017. The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis. The due dates for filing the quarterly returns for such taxpayers shall be announced in due course. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017. All taxpayers are also required to file FORM GSTR-1, 2 & 3 for the months of July, August and September, 2017. Due dates for filing the returns for the month of July, 2017 have already been announced. The due dates for the months of August and September, 2017 will be announced in due course.<br />
<span class="fontstyle2">6. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under subsection (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be reviewed by a committee of experts. This will benefit small businesses and substantially reduce compliance costs.<br />7. The requirement to pay GST on advances received is also proving to be burdensome for small dealers and manufacturers. In order to mitigate their inconvenience on this account, it has been decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies shall be payable only when the supply of goods is made.<br />8. It has come to light that Goods Transport Agencies (GTAs) are not willing to provide services to<br />unregistered persons. In order to remove the hardship being faced by small unregistered businesses on this account, the services provided by a GTA to an unregistered person shall be exempted from GST.</span><br />
<span class="fontstyle0" style="font-size: 12pt;"><b><u><i><br /></i></u></b></span>
<span class="fontstyle0" style="font-size: 12pt;"><b><u><i>Other Facilitation Measures</i></u></b></span><br />
<span class="fontstyle2">9. After assessing the readiness of the trade, industry and Government departments, it has been decided that<br />registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.<br />10. The e-way bill system shall be introduced in a staggered manner with effect from 01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018. This is in order to give trade and industry more time to acclimatize itself with the GST regime.<br />11. The last date for filing the return in FORM GSTR-4 by a taxpayer under composition scheme for the quarter July-September, 2017 shall be extended to 15.11.2017. Also, the last date for filing the return in FORM GSTR-6 by an input service distributor for the months of July, August and September, 2017 shall be extended to 15.11.2017.<br />12. Invoice Rules are being modified to provide relief to certain classes of registered persons.</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-14048667100536070172017-08-29T19:35:00.000+05:302017-08-29T19:36:33.378+05:30Place of Supply of services to Determine Taxability in GST<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;"><colgroup><col width="30"></col><col width="335"></col><col width="239"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Place of supply of services in case of Domestic Supplies [Section12]"}" style="font-size: 12pt; overflow: visible; padding: 2px 0px 2px 0px; vertical-align: bottom;"><div style="left: 3px; overflow: hidden; position: relative; white-space: nowrap; width: 601px;">
<div style="float: left;">
Place of supply of services in case of Domestic Supplies [Section12]</div>
</div>
</td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"(Where the location of supplier of services and the location of the recipient of services is in India)"}" style="font-size: 12pt; overflow: visible; padding: 2px 0px 2px 0px; vertical-align: bottom;"><div style="left: 3px; overflow: hidden; position: relative; white-space: nowrap; width: 702px;">
<div style="float: left;">
(Where the location of supplier of services and the recipient of services is in India)</div>
</div>
</td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Default provision has been prescribed as under:"}" style="color: black; font-family: Candara; font-size: 12pt; font-weight: bold; overflow: visible; padding: 2px 0px 2px 0px; vertical-align: bottom;"><div style="left: 3px; overflow: hidden; position: relative; white-space: nowrap; width: 361px;">
<div style="float: left;">
Default provision has been prescribed as under:</div>
</div>
</td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="border-bottom: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="border-bottom: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="border-bottom: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Sn."}" style="background-color: #cccccc; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara-Bold; font-size: 12pt; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Sn.</td><td data-sheets-value="{"1":2,"2":"Description of Supply"}" style="background-color: #cccccc; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara-Bold; font-size: 12pt; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Description of Supply</td><td data-sheets-value="{"1":2,"2":"Place of Supply"}" style="background-color: #cccccc; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara-Bold; font-size: 12pt; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Place of Supply</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: #ffd966; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom;">1</td><td data-sheets-value="{"1":2,"2":"B2B"}" style="background-color: #ffd966; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">B2B</td><td data-sheets-value="{"1":2,"2":"Location of such Registered Person"}" style="background-color: #ffe599; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;">Location of such Registered Person</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: #ffd966; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle;">2</td><td data-sheets-value="{"1":2,"2":"B2C"}" style="background-color: #ffd966; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle;">B2C</td><td data-sheets-value="{"1":2,"2":"(i) Location of the recipient where the address on record exists, \nand \n(ii) Location of the supplier of services in other cases"}" style="background-color: #ffe599; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">(i) Location of the recipient where the address on record exists, <br />
and <br />
(ii) Location of the supplier of services in other cases</td></tr>
<tr style="height: 21px;"><td style="font-size: 12pt; overflow: hidden; padding: 2px 0px 2px 0px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><a name='more'></a><br /></td></tr>
<tr style="height: 21px;"><td style="font-size: 12pt; overflow: hidden; padding: 2px 0px 2px 0px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="font-size: 12pt; overflow: hidden; padding: 2px 0px 2px 0px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"In respect of the following 12 categories of services, the place"}" style="font-size: 12pt; overflow: visible; padding: 2px 0px 2px 0px; vertical-align: bottom;"><div style="left: 3px; overflow: hidden; position: relative; white-space: nowrap; width: 601px;">
<div style="float: left;">
In respect of the following 12 categories of services, the place</div>
</div>
</td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"of supply is determined with reference to a proxy. \n\nRest of the services are governed by a default provision."}" style="font-size: 12pt; overflow: visible; padding: 2px 0px 2px 0px; vertical-align: bottom;"><div style="left: 3px; overflow: hidden; position: relative; white-space: nowrap; width: 601px;">
<div style="float: left;">
of supply is determined with reference to a proxy. <br />
<br />
Rest of the services are governed by a default provision.</div>
</div>
</td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="border-bottom: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="border-bottom: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="border-bottom: 1px solid #000000; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Sn"}" style="background-color: #cccccc; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara-Bold; font-size: 12pt; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sn</td><td data-sheets-value="{"1":2,"2":"Nature of Service"}" style="background-color: #cccccc; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara-Bold; font-size: 12pt; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Nature of Service</td><td data-sheets-value="{"1":2,"2":"Place of Supply"}" style="background-color: #cccccc; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara-Bold; font-size: 12pt; font-weight: bold; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Place of Supply</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">1</td><td data-sheets-value="{"1":2,"2":"Immovable property related to services, including hotel accommodation"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Immovable property related to services, including hotel accommodation</td><td data-sheets-value="{"1":2,"2":"Location at which the immovable property or boat or vessel is located or intended to be located If located outside India: Location of the recipient"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Location at which the immovable property or boat or vessel is located or intended to be located If located outside India: Location of the recipient</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">2</td><td data-sheets-value="{"1":2,"2":"Restaurant and catering services, personal grooming, ftness, beauty treatment and health service"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Restaurant and catering services, personal grooming, ftness, beauty treatment and health service</td><td data-sheets-value="{"1":2,"2":"Location where the services are actually performed"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Location where the services are actually performed</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":3}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">3</td><td data-sheets-value="{"1":2,"2":"Training and performance appraisal"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Training and performance appraisal</td><td data-sheets-value="{"1":2,"2":"B2B: Location of such Registered Person B2C: Location where the services are actually performed"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">B2B: Location of such Registered Person B2C: Location where the services are actually performed</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":4}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">4</td><td data-sheets-value="{"1":2,"2":"Admission to an event or amusement park"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Admission to an event or amusement park</td><td data-sheets-value="{"1":2,"2":"Place where the event is actually held or where the park or the other place is located"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Place where the event is actually held or where the park or the other place is located</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":5}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">5</td><td data-sheets-value="{"1":2,"2":"Organisation of an event"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Organisation of an event</td><td data-sheets-value="{"1":2,"2":"B2B: Location of such Registered person B2C: Location where the event is actually held If the event is held outside India: Location of the recipient"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">B2B: Location of such Registered person B2C: Location where the event is actually held If the event is held outside India: Location of the recipient</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":6}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">6</td><td data-sheets-value="{"1":2,"2":"Transportation of goods, including mails"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Transportation of goods, including mails</td><td data-sheets-value="{"1":2,"2":"B2B: Location of such Registered Person B2C: Location at which such goods are handed over for their transportation"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">B2B: Location of such Registered Person B2C: Location at which such goods are handed over for their transportation</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":7}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">7</td><td data-sheets-value="{"1":2,"2":"Passenger transportation"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Passenger transportation</td><td data-sheets-value="{"1":2,"2":"B2B: Location of such Registered Person B2C: Place where the passenger embarks on the conveyance for a continuous journey"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">B2B: Location of such Registered Person B2C: Place where the passenger embarks on the conveyance for a continuous journey</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":8}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle;">8</td><td data-sheets-value="{"1":2,"2":"Services on board a conveyance"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle;">Services on board a conveyance</td><td data-sheets-value="{"1":2,"2":"Location of the frst scheduled point of departure of that conveyance for the journey"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Location of the frst scheduled point of departure of that conveyance for the journey</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle;">9</td><td data-sheets-value="{"1":2,"2":"Banking and other fnancial services"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle;">Banking and other fnancial services</td><td data-sheets-value="{"1":2,"2":"Location of the recipient of services on the records of the supplier Location of the supplier of services if the location of the recipient of services is not available"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Location of the recipient of services on the records of the supplier Location of the supplier of services if the location of the recipient of services is not available</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":10}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle;">10</td><td data-sheets-value="{"1":2,"2":"Insurance services"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle;">Insurance services</td><td data-sheets-value="{"1":2,"2":"B2B: Location of such Registered Person B2C: Location of the recipient of services on the records of the supplier"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">B2B: Location of such Registered Person B2C: Location of the recipient of services on the records of the supplier</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":11}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle;">11</td><td data-sheets-value="{"1":2,"2":"Advertisement services to the Government"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle;">Advertisement services to the Government</td><td data-sheets-value="{"1":2,"2":"The place of supply shall be taken as located in each of such States Proportionate value in case of multiple States"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">The place of supply shall be taken as located in each of such States Proportionate value in case of multiple States</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":12}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; text-align: right; vertical-align: middle;">12</td><td data-sheets-value="{"1":2,"2":"Telecommunication services"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: middle;">Telecommunication services</td><td data-sheets-value="{"1":2,"2":"Services involving fxed line, circuits, dish etc., and place of supply is the location of such fxed equipment. In case of mobile/ Internet post-paid services, it is the location of billing address of the recipient. In case of sale of pre-paid voucher, the place of supply is the place of sale of such vouchers. In other cases, it is the address of the recipient in records"}" style="background-color: #efefef; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Candara; font-size: 12pt; font-weight: normal; overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Services involving fxed line, circuits, dish etc., and place of supply is the location of such fxed equipment. In case of mobile/ Internet post-paid services, it is the location of billing address of the recipient. In case of sale of pre-paid voucher, the place of supply is the place of sale of such vouchers. In other cases, it is the address of the recipient in records</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-87810216428114671252017-07-30T22:52:00.000+05:302017-07-30T22:52:03.525+05:30Documents on the basis of which Input Tax credit can be availed<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: left;">
<span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;"> Input Tax Credit (ITC) can be taken on the basis of following documents:-</span></span></div>
<ul style="text-align: left;">
<li><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;">Invoice issued by a supplier of goods or services or both.</span></span></li>
</ul>
<ul style="text-align: left;">
<li><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;">Invoice issued by recipient along with proof of payment of tax.</span></span></li>
</ul>
<ul style="text-align: left;">
<li><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;"> </span></span><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;">Debit note issued by supplier.</span></span><span style="font-family: Georgia,"Times New Roman",serif;"></span></li>
</ul>
<ul style="text-align: left;">
<li><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;">Bill of entry or similar document prescribed under Customs Act.</span></span></li>
</ul>
<ul style="text-align: left;">
<li><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;"> </span></span><span style="font-size: large;"><span style="font-family: Georgia,"Times New Roman",serif;">Revised invoiceDocument issued by Input Ser</span>vice Distributor.</span></li>
</ul>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-4556063508548840062017-07-08T19:02:00.001+05:302017-07-08T19:02:08.312+05:30Accounts and Records to be Maintained in GST<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
<h2 style="text-align: left;">
<span style="font-size: large;">Registered Person is required to maintain records and accounts of:</span></h2>
<ul style="text-align: left;">
<li><span style="font-size: large;">Production or Manufacture of goods supplies ( inward/outward supply, supplier and recipient details, invoice ,credit/debit note,delivery Challan)</span></li>
<li><span style="font-size: large;">Stock (receipt,used, lost, balance and location where goods are stored including transit).<a name='more'></a></span></li>
<li><span style="font-size: large;">Agent's to maintain records (receipt and supply) on behalf of principal and records of authorisation by principal.</span></li>
<li><span style="font-size: large;">A C&F agent of carrier having custody of goods on behalf of a registered person shall maintain details of goods handeled by him.</span></li>
<li><span style="font-size: large;">It is sufficient (but not necessary) to maintain accounts and records in electronic form.</span></li>
<li><span style="font-size: large;">Records can also be maintained manually- should be kept & accessible at the related place of business. </span></li>
<li><span style="font-size: large;">Maintain for at least 6 years from due date of furnishing Annual Return.</span></li>
<li><span style="font-size: large;">Commissioner may notify a class of taxable persons to maintain additional documents.</span></li>
<li><span style="font-size: large;">Seprate Records for work contracts ( Receipts/supply/payments etc.)</span></li>
<li><span style="font-size: large;">Records should be produced when required.</span></li>
<li><span style="font-size: large;">Every taxable person having turnover above 2 Crore shall get his accounts audited by CA or Cost Accountant.</span></li>
<li><span style="font-size: large;">Shall submit copy of Audited Accoutns along with a reconciliation statement.</span></li>
</ul>
</div>
<div style="text-align: left;">
<h2 style="text-align: left;">
<span style="font-size: large;">Maintain Electronic Records:</span></h2>
<ul style="text-align: left;">
<li><ul>
<li><span style="font-size: large;">Authenticated by Digital Signature.</span></li>
<li><span style="font-size: large;">Maintained and preserved in the manner that these can be restored within resonable period in any circumstance.</span></li>
<li><span style="font-size: large;">On Demand to provide details,password, and explaination of codes used. </span></li>
</ul>
<span style="font-size: large;"><br /></span></li>
</ul>
</div>
<span style="font-size: large;"></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-80851701254408334552017-07-07T12:46:00.000+05:302017-07-07T15:20:29.281+05:30Bill of Supply to be Issued instead of Tax Invoice<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">A registered person shall issue bill of supply instead of Tax Invoice in the following cases:- </span></span><br />
<ul style="text-align: left;">
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">A registered taxable person supplying exempted goods or services or both.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;"> Paying tax under the provisions of section 10 (composition scheme) <a name='more'></a></span></span></li>
</ul>
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Note- Bill of Supply not required to be issued, if value of goods or services or both is less than ₹200. </span></span><br />
<br />
<br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">A bill of Supply shall contain following details to be mentioned:-</span></span><br />
<ol style="text-align: left;">
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;"> Name,Address and GSTIN of the Supplier.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Seriel Number in one or multiple series- containing alphabets or numericals or special characters.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;"> Invoice Date/Date of Issue.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Name,Address and GSTIN or UIN,if registered,of the Recipient- Applicable in B2B.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">HSN Code of goods or Accounting Code of Services - Required on the basis of turnover of supplier.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Description of goods or Services.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Total Value of Supply of goods or Services or both</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Signature or Digital Signature.</span></span></li>
</ol>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-13167596873905423942017-07-06T23:15:00.002+05:302017-07-06T23:15:47.517+05:30Pros and Cons of Voluntary Registration in GST<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-size: large;">Pros/Benifits-</span><br />
<ul style="text-align: left;">
<li><span style="font-size: large;">you can do B to B( Business to Business) Transactions</span></li>
<li><span style="font-size: large;">Other registered dealers will not have to pay tax in reverse charge.<a name='more'></a></span></li>
</ul>
<span style="font-size: large;"> Cons/Disadvantages</span><br />
<ul style="text-align: left;">
<li><span style="font-size: large;">Once Registered, you have to pay taxes on all supplies, even if turnover is less than 20 lakhs.</span></li>
<li><span style="font-size: large;">Even if no transations in any month, return will have to be filed regularly. </span></li>
</ul>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-42135811888935041152017-07-06T23:11:00.000+05:302017-07-06T23:11:15.116+05:30Modification in Registration<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-size: large;"><i><u><b>Core Fields</b></u></i>- permission for Authority is required for changes and can be modified by only Tax Authorities.</span><br />
<ul style="text-align: left;">
<li><span style="font-size: large;">Legal Name of business</span></li>
<li><span style="font-size: large;">Address of principal place or additional place of business.</span></li>
<li><span style="font-size: large;">Addition, Deletion or retirement of partners or directors etc.</span></li>
</ul>
<span style="font-size: large;"><b>Other Fields</b>- Can be modified by self.</span><br />
<span style="font-size: large;"> e.g. contact details, HSN code can be changed any time.</span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-1307288296583051612017-07-06T23:04:00.000+05:302017-07-06T23:04:38.262+05:30Basis of Registration<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
<span style="font-size: large;">Registraion is </span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">PAN Based only</span></li>
<li><span style="font-size: large;">State wise seprate registration</span></li>
<li><span style="font-size: large;">One per state only - except in case of business verticals/SEZ units.</span></li>
<li><span style="font-size: large;">One principal place of business has to be given. Additional places can be given registration.</span></li>
<li><span style="font-size: large;">Registration is a must within 30 days of starting business.</span></li>
</ul>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-42624297659553212282017-07-06T23:00:00.000+05:302017-07-06T23:00:28.782+05:30who do not have to register??<div dir="ltr" style="text-align: left;" trbidi="on">
<ul style="text-align: left;">
<li><span style="font-size: large;">person engaged exclusively in non-taxable or wholly exempted from tax.eg- milk trader </span></li>
<li><span style="font-size: large;">Agriculturist (farmer), in so far as supply of produce out of cultivation of land.</span></li>
<li><span style="font-size: large;">Persons engaged exlusively in supplies which are under Reverse Charge Mechanisum.</span></li>
</ul>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-51594169843091074812017-07-06T22:56:00.002+05:302017-07-06T22:56:53.456+05:30Who needs to Register in GST???<div dir="ltr" style="text-align: left;" trbidi="on">
<ul style="text-align: left;">
<li><span style="font-size: large;"><span style="font-family: Georgia,"Times New Roman",serif;">Turnover above 10 lakhs/20 lakhs p.a.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: Georgia,"Times New Roman",serif;">Inter-State Supplier</span></span></li>
<li><span style="font-size: large;"><span style="font-family: Georgia,"Times New Roman",serif;">Required only in the state from where the supply is made.</span></span></li>
<li><span style="font-size: large;"><span style="font-family: Georgia,"Times New Roman",serif;">Casual & non resident taxable persons</span></span></li>
<li><span style="font-size: large;"><span style="font-family: Georgia,"Times New Roman",serif;">persons on whom there is responsibility of paying full tax under reverse charge.e.eg. transport aggregator</span></span></li>
<li><span style="font-size: large;"><span style="font-family: Georgia,"Times New Roman",serif;">Electronic Commererce Operator (ECO)</span></span></li>
<li><span style="font-size: large;"><span style="font-family: Georgia,"Times New Roman",serif;">Agents appointed on behalf of supplier</span></span></li>
</ul>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-47726448820983923832017-07-06T12:05:00.001+05:302017-07-06T12:09:40.550+05:30Levies under GST<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: left;">
<b><span style="font-size: small;"><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;">GST COMPRISES OF THE FOLLOWING LEVIES:</span></span></span></span></b><span style="font-size: small;"><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> </span></span></span></span><br />
<br />
<br />
<ol style="text-align: left;">
<li><span style="font-size: small;"><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> Central Goods and Services Tax (<span style="color: #990000;">CGST</span>) [also known as</span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> Central Tax]<span style="color: orange;"><span style="color: #990000;"> on within state</span></span>/intra-state or intra-union territory without</span></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> legislature<span style="color: blue;"> <span style="color: #990000;">supply</span></span> of goods or services or both.<span style="color: black; font-style: normal; font-variant: normal;"> </span></span></span></span></span></span></span><br />
</li>
<li><span style="font-size: small;"><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;">State Goods and Services Tax (<span style="color: #990000;">SGST</span>) [also known as State</span></span></span></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> Tax] on<span style="color: #990000;"> </span><span style="color: red;"><span style="color: black;"><span style="color: #990000;">within State</span>/</span></span>intra-state <span style="color: #990000;">supply</span> of goods or services or both. </span></span></span></span></span></span></span></span><br />
</li>
<li><span style="font-size: small;"><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;">Union Territory Goods and Services Tax (<span style="color: #990000;">UTGST</span>) [also </span></span></span></span></span></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;">known as Union territory Tax] on <span style="color: #990000;">within Union Territory</span>/Intra-union territory</span></span></span></span></span></span></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> <span style="color: blue;"><span style="color: #990000;">supply</span> </span>of goods or services or both.</span></span></span></span></span></span></span></span></span></span></span><br />
</li>
<li><span style="font-size: small;"><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;">Integrated Goods and Services Tax (<span style="color: #990000;">IGST</span>) [also known as </span></span></span></span></span></span></span></span></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;">Integrated Tax] on inter-state or <span style="color: red;"><span style="color: blue;"><span style="color: blue;"><span style="color: orange;"><span style="color: #990000;">from one state</span></span></span></span><span style="color: black;">/territory</span> </span><span style="color: #990000;">to another,supply</span> of goods or services</span></span></span></span></span></span></span></span></span></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> or both. In case of import of goods also, the present levy</span></span></span></span></span></span></span></span></span></span></span></span></span><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> of Countervailing Duty (CVD) and Special Additional Duty<span style="color: black; font-style: normal; font-variant: normal;"> (SAD) would be replaced by integrated tax. </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><br />
</li>
</ol>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: "georgia" , "times new roman" , serif;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"><span style="color: black; font-style: normal; font-variant: normal;"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div>
</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-19653483937826703492017-07-05T20:13:00.000+05:302017-07-07T11:08:38.691+05:30Deductions from Income from Other Sources [Sec. 57]<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="36"></col><col width="100"></col><col width="206"></col><col width="300"></col></colgroup><tbody>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"The following expenditures are allowed as deductions from income chargeable to tax under the head \u2018Income from Other Sources\u2019:"}" rowspan="1" style="background-color: white; border-bottom: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">The following expenditures are allowed as deductions from income chargeable to tax under the head ‘Income from Other Sources’:</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"S.N."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top;">S.N.</td><td data-sheets-value="{"1":2,"2":"Section"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Section</td><td data-sheets-value="{"1":2,"2":"Nature of Income"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Nature of Income</td><td data-sheets-value="{"1":2,"2":"Deductions allowed"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Deductions allowed</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top;">1</td><td data-sheets-value="{"1":2,"2":"57(i)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">57(i)</td><td data-sheets-value="{"1":2,"2":"Dividend or Interest on securities"}" style="background-color: #f3f3f3; border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); font-family: "times new roman"; font-size: 120%; overflow-wrap: break-word; padding: 2px 3px; vertical-align: top; white-space: normal;"><span style="color: #990000;">Dividend or Interest on securities</span></td><td data-sheets-value="{"1":2,"2":"Any reasonable sum paid by way of commission or remuneration to banker or any other person for purpose of realizing dividend (other than dividends referred to in section 115-O) or interest on securities"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any reasonable sum paid by way of commission or remuneration to banker or any other person for purpose of realizing dividend or interest on securities<br />
<a name='more'></a></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top;">2</td><td data-sheets-value="{"1":2,"2":"57(ia)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">57(ia)</td><td data-sheets-value="{"1":2,"2":"Employee\u2019s contribution towards Provident Fund, Superannuation Fund, ESI Fund or any other fund setup for the welfare of such employees"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;"><span style="color: #990000;">Employee’s contribution towards Provident Fund, </span>Superannuation Fund, ESI Fund or any other fund setup for the welfare of such employees</td><td data-sheets-value="{"1":2,"2":"If employees\u2019 contribution is credited to their account in relevant fund on or before the due date"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">If employees’ contribution is <span style="color: #990000;">credited</span> to their account in relevant fund<span style="color: #990000;"> on or before the due date</span></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":3}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top;">3</td><td data-sheets-value="{"1":2,"2":"57(ii)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">57(ii)</td><td data-sheets-value="{"1":2,"2":"Rental income letting of plant, machinery, furniture or building"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Rental income letting of plant, machinery, furniture or building</td><td data-sheets-value="{"1":2,"2":"Rent, rates, taxes, repairs, insurance and depreciation etc."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Rent, rates, taxes, repairs, insurance and depreciation etc.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":4}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top;">4</td><td data-sheets-value="{"1":2,"2":"57(iia)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">57(iia)</td><td data-sheets-value="{"1":2,"2":"Family Pension"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Family Pension</td><td data-sheets-value="{"1":2,"2":"1/3rd of family pension subject to maximum of Rs. 15,000."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">1/3rd of family pension subject to maximum of Rs. 15,000.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":5}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top;">5</td><td data-sheets-value="{"1":2,"2":"57(iii)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">57(iii)</td><td data-sheets-value="{"1":2,"2":"Any other income"}" style="background-color: #f3f3f3; border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); font-family: "times new roman"; font-size: 120%; overflow-wrap: break-word; padding: 2px 3px; vertical-align: top; white-space: normal;"><span style="color: #990000;">Any other income</span></td><td data-sheets-value="{"1":2,"2":"Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any other expenditure (not being capital expenditure) expended <span style="color: #990000;">wholly and exclusively for earning</span> such income</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":6}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top;">6</td><td data-sheets-value="{"1":2,"2":"57 (iv)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">57 (iv)</td><td data-sheets-value="{"1":2,"2":"Interest on compensation or enhanced compensation"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Interest on compensation or enhanced compensation</td><td data-sheets-value="{"1":2,"2":"50% of such interest (subject to certain conditions)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">50% of such interest (subject to certain conditions)</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":7}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top;">7</td><td data-sheets-value="{"1":2,"2":"58(4)Proviso"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">58(4)Proviso</td><td data-sheets-value="{"1":2,"2":"Income from activity of owning and maintaining race horses."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Income from activity of owning and maintaining race horses.</td><td data-sheets-value="{"1":2,"2":"All expenditure relating to such activity."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">All expenditure relating to such activity.</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-48738864424962618542017-07-05T19:54:00.001+05:302017-07-06T11:56:29.575+05:30Gifts not chargeable to tax [Sec. 56(2)(vii)]<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="638"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Any sum of money or property received by any person [on or after 01-04-2017] in the following circumstances shall not be chargeable to tax:"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any sum of money or property received by any person [on or after 01-04-2017] in the following circumstances shall not be chargeable to tax:</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"a) Gifts received from relatives;"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Gifts <span style="color: #990000;">received from relatives</span>;<br />
<a name='more'></a></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"b) Gifts received by an individual on occasion of his/her marriage;"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">b) Gifts received by an individual <span style="color: #990000;">on</span> occasion of his/her <span style="color: #990000;">marriage</span>;</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"c) Gifts received by way of Inheritance/will;;"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">c) Gifts received by way of <span style="color: #990000;">Inheritance/will</span>;;</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"d) Gifts received in contemplation of death of the payer;"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">d) Gifts received in contemplation of death of the payer;</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"e) Gifts received from any local authority;"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">e) Gifts received from any local authority;</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"f) Gifts received from any fund, foundation, university, educational institution, hospital, medical institution, any trust or institution referred to in Section 10(23C);"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">f) Gifts received from any fund, foundation, university, educational institution, hospital, medical institution, any trust or institution referred to in Section 10(23C);</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"g) Gifts received from any trust or institution registered under section 12A/12AA."}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">g) Gifts received from any trust or institution registered under section 12A/12AA.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"h) Share received as a consequences of demerger or amalgamation of a company under clause (vid) or clause (vii) of section 47, respectively."}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">h) Share received as a consequences of demerger or amalgamation of a company under clause (vid) or clause (vii) of section 47, respectively.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"i) Share received as a consequences of business reorganization of a co-operative bank under section 47(vicb)"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">i) Share received as a consequences of business reorganization of a co-operative bank under section 47(vicb)</td></tr>
<tr style="height: 21px;"><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Note-\u2018Relative\u2019 shall mean:"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Note-‘<span style="color: #990000;">Relative</span>’ shall <span style="color: #990000;">mean</span>:</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"1. Spouse of the individual"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">1. <span style="color: #990000;">Spouse</span> of the individual</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"2. Brother or sister of the individual"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">2. <span style="color: #990000;">Brother or sister</span> of the individual</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"3. Brother or sister of the spouse of the individual"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">3. <span style="color: #990000;">Brother or sister of the spouse</span> of the individual</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"4. Brother or sister of either of the parents of the individual"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">4. <span style="color: #990000;">Brother or sister of either of the parents </span>of the individual</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"5. Any lineal ascendant or descendant of the individual"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">5. Any <span style="color: #990000;">lineal ascendant or descendant</span> of the individual</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"6. Any lineal ascendant or descendant of spouse of the individual"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">6. Any lineal ascendant or descendant of spouse of the individual</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"7. Spouse of the person referred in point 2-6 above"}" style="background-color: white; color: black; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">7. <span style="color: #990000;">Spouse</span> of the person referred in point <span style="color: #990000;">2-6 </span>above</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-4468280478088489692017-07-05T19:41:00.001+05:302017-07-05T19:43:49.053+05:30Income Chargable under Income from Other Sources<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="43"></col><col width="574"></col></colgroup><tbody>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"Income from Other Sources"}" rowspan="1" style="background-color: white; font-family: Times New Roman; font-size: 120%; font-weight: bold; overflow-wrap: break-word; padding: 2px 3px; text-decoration: underline; vertical-align: top; white-space: normal;"><span style="color: #444444;">Income From Other Sources</span></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head \u201cIncome from Other Sources\u201d."}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”.<br />
<a name='more'></a></td></tr>
<tr style="height: 21px;"><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"Basis of Charge [Sec. 56]:"}" rowspan="1" style="background-color: white; color: #663399; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;"><span style="color: #444444;">Basis of Charge {Sec 56}</span></td></tr>
<tr style="height: 21px;"><td style="background-color: white; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"Income chargeable to tax under the head \u201cIncome from other sources\u201d shall include following:"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Income chargeable to tax under the head “Income from other sources” shall include following:</td></tr>
<tr style="height: 21px;"><td style="border-bottom: 1px solid #000000; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="border-bottom: 1px solid #000000; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"S. No."}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">S. No.</td><td data-sheets-value="{"1":2,"2":"Nature of income taxable as residuary income"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Nature of income taxable as residuary income</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">1</td><td data-sheets-value="{"1":2,"2":"Dividends\nNote:\nDividend received from domestic company shall be exempt from tax under Section 10(34) if it is chargeable to dividend distribution tax under Section 115-O. However, as per section 115BBDA (as inserted by Finance Act, 2016), in the case of resident individual/HUF/firm, dividend shall be chargeable to tax at the rate of 10% if aggregate amount of dividend received during the year exceeds Rs. 10,00,000."}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Dividends<br />
Note:<br />
Dividend received from domestic company shall be exempt from tax under Section 10(34) if it is chargeable to dividend distribution tax under Section 115-O. However, as per section 115BBDA (as inserted by Finance Act, 2016), in the case of resident individual/HUF/firm, dividend shall be chargeable to tax at the rate of 10% if aggregate amount of dividend received during the year exceeds Rs. 10,00,000.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">2</td><td data-sheets-value="{"1":2,"2":"Income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting of any form or nature whatsoever"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting of any form or nature whatsoever</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":3}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">3</td><td data-sheets-value="{"1":2,"2":"Any sum received by an employer from his employees as contribution towards PF/ESI/ Superannuation Fund etc., if same is not deposited in the relevant fund and it is not taxable under the head \u2018Profits and Gains from Business or Profession\u2019."}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any sum received by an employer from his employees as contribution towards PF/ESI/ Superannuation Fund etc., if same is not deposited in the relevant fund and it is not taxable under the head ‘Profits and Gains from Business or Profession’.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":4}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">4</td><td data-sheets-value="{"1":2,"2":"Interest on securities, if not taxable under the head \u2018Profits and Gains of Business or Profession\u2019"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Interest on securities, if not taxable under the head ‘Profits and Gains of Business or Profession’</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":5}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">5</td><td data-sheets-value="{"1":2,"2":"Income from machinery, plant or furniture belonging to taxpayer and let on hire, if income is not chargeable to tax under the head \u2018Profits and Gains of Business or Profession\u2019"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Income from machinery, plant or furniture belonging to taxpayer and let on hire, if income is not chargeable to tax under the head ‘Profits and Gains of Business or Profession’</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":6}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">6</td><td data-sheets-value="{"1":2,"2":"Composite rental income from letting of plant, machinery or furniture with buildings, where such letting is inseparable and such income is not taxable under the head \u2018Profits and Gains of Business or Profession\u2019"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Composite rental income from letting of plant, machinery or furniture with buildings, where such letting is inseparable and such income is not taxable under the head ‘Profits and Gains of Business or Profession’</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":7}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">7</td><td data-sheets-value="{"1":2,"2":"Any sum received under Keyman Insurance Policy (including bonus), if not taxable under the head \u2018Profits and Gains of Business or Profession\u2019 or under the head \u2018Salaries\u2019"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any sum received under Keyman Insurance Policy (including bonus), if not taxable under the head ‘Profits and Gains of Business or Profession’ or under the head ‘Salaries’</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":8}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">8</td><td data-sheets-value="{"1":2,"2":"In the following cases, any sum of money or property received by an individual or HUF from any person (except from relatives or member of HUF or in given circumstances, see note 1) shall be taxable under the head \u2018Income from other sources\u2019:\na) If any sum is received without consideration in excess of Rs. 50,000 during the previous year, the whole amount shall be chargeable to tax;\nb) If an immovable property is received without consideration and the stamp duty value exceeds Rs. 50,000, the stamp duty value of such property shall be chargeable to tax;\nc) If immovable property is received for consideration which is less than the stamp duty value of property by an amount exceeding Rs. 50,000, the difference between the stamp duty value and the consideration is chargeable to tax;\nd) If movable properties* is received without consideration and the aggregate fair market value of such properties exceeds Rs. 50,000, the whole of aggregate fair market value of such properties shall be chargeable to tax\ne) If movable properties is received for consideration which is less than the aggregate fair market value of properties by an amount exceeding Rs. 50,000, the difference between the aggregate fair market value and the consideration is chargeable to tax."}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">In the following cases, any sum of money or property received by an individual or HUF from any person (except from relatives or member of HUF or in given circumstances, see note 1) shall be taxable under the head ‘Income from other sources’:<br />
a) If any sum is received without consideration in excess of Rs. 50,000 during the previous year, the whole amount shall be chargeable to tax;<br />
b) If an immovable property is received without consideration and the stamp duty value exceeds Rs. 50,000, the stamp duty value of such property shall be chargeable to tax;<br />
c) If immovable property is received for consideration which is less than the stamp duty value of property by an amount exceeding Rs. 50,000, the difference between the stamp duty value and the consideration is chargeable to tax;<br />
d) If movable properties* is received without consideration and the aggregate fair market value of such properties exceeds Rs. 50,000, the whole of aggregate fair market value of such properties shall be chargeable to tax<br />
e) If movable properties is received for consideration which is less than the aggregate fair market value of properties by an amount exceeding Rs. 50,000, the difference between the aggregate fair market value and the consideration is chargeable to tax.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">9</td><td data-sheets-value="{"1":2,"2":"Interest received on compensation or enhanced compensation"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Interest received on compensation or enhanced compensation</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":10}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10</td><td data-sheets-value="{"1":2,"2":"Any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset shall be charged to tax under this head, if:\na) Such sum is forfeited; and\nb) The negotiations do not result in transfer of such capital asset."}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset shall be charged to tax under this head, if:<br />
a) Such sum is forfeited; and<br />
b) The negotiations do not result in transfer of such capital asset.</td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"* \u2018Movable property\u2019 shall include shares, securities, jewellery, archaeological collection, drawings, paintings, sculptures, any work of art or bullion etc."}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">* ‘Movable property’ shall include shares, securities, jewellery, archaeological collection, drawings, paintings, sculptures, any work of art or bullion etc.</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-40806236205635678052017-07-05T19:09:00.000+05:302017-07-05T19:29:49.655+05:30Who should file Income Tax Return!!!!<div dir="ltr" style="text-align: left;" trbidi="on">
<h1 class="dit_inner_pages_head1" style="-webkit-text-stroke-width: 0px; color: #333333; font-family: Arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; margin: 0px 0px 10px; orphans: 2; padding: 0px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
</h1>
<div style="-webkit-text-stroke-width: 0px; color: #444444; font-family: Arial; font-size: 14px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; margin: 10px 0px; orphans: 2; padding: 0px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="color: #990000;">Every individual</span> has to file the return of income if his<span style="color: #990000;"> total income</span> (including income of any other person in respect of which he is assessable) without giving effect to the provisions of Long Term Capital Gain 10(38), 10A<span style="color: #444444;">, profit from 100% EOU 10B or 10BA<a class="InternalDocsLink" href="http://incometaxindia.gov.in/Pages/i-am/individuals.aspx?k=Return%20Filing#" style="font-family: Arial !important; text-decoration: none;"> </a>or Chapter VIA (i.e., deduction under section 80c to section 80U), <span style="color: #990000;">exceeds</span> the maximum amount which is not chargeable to tax i.e</span>.<span style="color: #990000;"> <span style="color: #444444;">exceeds the</span> exemption limit</span>.</div>
</div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-5703109251393686251.post-38664823916081418482017-07-05T18:32:00.002+05:302017-07-05T19:30:02.231+05:30Deduction in Income from House Property<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="316"></col><col width="352"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Deductions:"}" style="background-color: white; color: #663399; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; text-decoration: underline; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;"><a class="in-cell-link" href="http://incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?path=/Documents/Left%20Menu/Ind-income-from-house-property.htm&IsDlg=1#rfn2" target="_blank">Deductions:</a></td><td style="background-color: white; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="border-bottom: 1px solid #000000; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="border-bottom: 1px solid #000000; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Description"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Description</td><td data-sheets-value="{"1":2,"2":"Nature of Deductions"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Nature of Deductions</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Municipal Taxes"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Municipal Taxes</td><td data-sheets-value="{"1":2,"2":"Municipal taxes including service-taxes levied by any local authority in respect of house property is allowed as deduction, if:\na) Taxes are borne by the owner; and\nb) Taxes are actually paid by him during the year."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Municipal taxes including service-taxes levied by any local authority in respect of house property is allowed as deduction, if:<br />
a) Taxes are borne by the owner; and<br />
b) Taxes are actually paid by him during the year<br />
<a name='more'></a>.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Standard Deduction[Section 24(a)]"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Standard Deduction[Section 24(a)]</td><td data-sheets-value="{"1":2,"2":"30% of net annual value of the house property is allowed as deduction if property is let-out during the previous year."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">30% of net annual value of the house property is allowed as deduction if property is let-out during the previous year.</td></tr>
<tr style="height: 21px;"><td colspan="1" data-sheets-value="{"1":2,"2":"Interest on Borrowed Capital *\n[Section 24(b)]"}" rowspan="3" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;"><br />
<div style="max-height: 337.66666666666663px;">
Interest on Borrowed Capital *<br />
[Section 24(b)]</div>
</td><td data-sheets-value="{"1":2,"2":"a) In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, construction, repairing, re-construction shall be allowed as deduction"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, construction, repairing, re-construction shall be allowed as deduction</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"b) In respect of self-occupied residential house property, interest incurred on capital borrowed for the purpose of acquisition or construction of house property shall be allowed as deduction up to Rs. 2 lakhs. The deduction shall be allowed if capital is borrowed on or after 01-04-1999 and acquisition or construction of house property is completed within 5 years."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">b) In respect of self-occupied residential house property, interest incurred on capital borrowed for the purpose of acquisition or construction of house property shall be allowed as deduction up to Rs. 2 lakhs. The deduction shall be allowed if capital is borrowed on or after 01-04-1999 and acquisition or construction of house property is completed within 5 years.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"c) In respect of self-occupied residential house property, interest incurred on capital borrowed for the purpose of reconstruction, repairs or renewals of a house property shall be allowed as deduction up to Rs. 30,000."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">c) In respect of self-occupied residential house property, interest incurred on capital borrowed for the purpose of reconstruction, repairs or renewals of a house property shall be allowed as deduction up to Rs. 30,000.</td></tr>
<tr style="height: 21px;"><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"></td></tr>
</tbody></table>
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><tbody>
<tr style="height: 21px;"><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="316"></col><col width="352"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Deduction for interest on housing loan [Section 80EE]"}" style="background-color: white; color: #663399; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Deduction for interest on housing loan [Section 80EE]</td><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"Deduction of up to Rs 50,000 shall be allowed to an Individual for interest payable on loan taken for the purpose of acquisition of a house property subject to following conditions:"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Deduction of up to Rs 50,000 shall be allowed to an Individual for interest payable on loan taken for the purpose of acquisition of a house property subject to following conditions:</td></tr>
<tr style="height: 21px;"><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"a) Loan has been sanctioned by Financial institution during the financial year 2016-17;"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Loan has been sanctioned by Financial institution during the financial year 2016-17;</td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"b) The amount of loan sanctioned does not exceed Rs 35,00,000;"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">b) The amount of loan sanctioned does not exceed Rs 35,00,000;</td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"c) The value of residential property does not exceed Rs 50,00,000;"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">c) The value of residential property does not exceed Rs 50,00,000;</td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"d) The assessee does not own any residential house property on the date of sanction of loan;"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">d) The assessee does not own any residential house property on the date of sanction of loan;</td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"e) Where deduction has been allowed under this section, no deduction shall be allowed in respect of such interest under any other provision."}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">e) Where deduction has been allowed under this section, no deduction shall be allowed in respect of such interest under any other provision.</td></tr>
</tbody></table>
</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-10081068563230225762017-07-05T18:24:00.000+05:302017-07-05T18:24:27.146+05:30Computation of income from House Property<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="426"></col><col width="75"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Income from a house property shall be determined in the following manner:"}" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Income from a house property shall be determined in the following manner:</td><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="border-bottom: 1px solid #000000; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="border-bottom: 1px solid #000000; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Particulars"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Particulars</td><td data-sheets-value="{"1":2,"2":"Amount"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Amount</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Gross Annual Value"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Gross Annual Value</td><td data-sheets-value="{"1":2,"2":"-"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">-</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Less: Municipal Taxes"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-style: italic; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Less: Municipal Taxes</td><td data-sheets-value="{"1":2,"2":"-"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">-</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Net Annual Value"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Net Annual Value</td><td data-sheets-value="{"1":2,"2":"***"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">***</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Less: Standard deduction at 30% [Section 24(a)]"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-style: italic; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Less: Standard deduction at 30% [Section 24(a)]</td><td data-sheets-value="{"1":2,"2":"-"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">-</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Less: Interest on borrowed capital [Section 24(b)]"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-style: italic; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Less: Interest on borrowed capital [Section 24(b)]</td><td data-sheets-value="{"1":2,"2":"-"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">-</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Income from house property"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Income from house property</td><td data-sheets-value="{"1":2,"2":"***"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">***<a name='more'></a></td></tr>
<tr style="height: 21px;"><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Gross Annual value [Sec. 23(1)]"}" style="background-color: white; color: #663399; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Gross Annual value [Sec. 23(1)]</td><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"The Gross Annual Value of the house property shall be higher of following:"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">The Gross Annual Value of the house property shall be higher of following:</td></tr>
<tr style="height: 21px;"><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"a) Expected rent, i.e., the sum for which the property might reasonably be expected to be let out from year to year. Expected rent shall be higher of municipal valuation or fair rent of the property, subject to maximum of standard rent;"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Expected rent, i.e., the sum for which the property might reasonably be expected to be let out from year to year. Expected rent shall be higher of municipal valuation or fair rent of the property, subject to maximum of standard rent;</td></tr>
<tr style="height: 21px;"><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"b) Rent actually received or receivable after excluding unrealized rent but before deducting loss due to vacancy"}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">b) Rent actually received or receivable after excluding unrealized rent but before deducting loss due to vacancy</td></tr>
<tr style="height: 21px;"><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td colspan="2" data-sheets-value="{"1":2,"2":"Out of sum computed above, any loss incurred due to vacancy in the house property shall be deducted and the remaining sum so computed shall be deemed to the gross annual value."}" rowspan="1" style="background-color: white; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Out of sum computed above, any loss incurred due to vacancy in the house property shall be deducted and the remaining sum so computed shall be deemed to the gross annual value.</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-22685935412767384732017-07-05T18:13:00.002+05:302017-07-05T19:11:27.064+05:30Taxability of Retirement Benifits under Income from Salary<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="37"></col><col width="100"></col><col width="184"></col><col width="284"></col></colgroup><tbody>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"Leave Encashment"}" rowspan="1" style="background-color: white; border-bottom: 1px solid #000000; color: #ff9900; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Leave Encashment</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"No."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">No.</td><td data-sheets-value="{"1":2,"2":"Section"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Section</td><td data-sheets-value="{"1":2,"2":"Particulars"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Particulars</td><td data-sheets-value="{"1":2,"2":"Taxability/Exemption"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Taxability/Exemption</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">1</td><td data-sheets-value="{"1":2,"2":"10(10AA)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10AA)</td><td data-sheets-value="{"1":2,"2":"Encashment of unutilized earned leave at the time of retirement of Government employees"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Encashment of unutilized earned leave at the time of retirement of Government employees</td><td data-sheets-value="{"1":2,"2":"Fully Exempt"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt<br />
<a name='more'></a></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">2</td><td data-sheets-value="{"1":2,"2":"10(10AA)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10AA)</td><td data-sheets-value="{"1":2,"2":"Encashment of unutilized earned leave at the time of retirement of other employees (not being a Government employee)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Encashment of unutilized earned leave at the time of retirement of other employees (not being a Government employee)</td><td data-sheets-value="{"1":2,"2":"Least of the following shall be exempt from tax:\na) Amount actually received\nb) Unutilized earned leave* X Average monthly salary\nc) 10 months Average Salary**\nd) Rs. 3,00,000\n* While computing unutilized earned leave, earned leave entitlements cannot exceed 30 days for each completed year of service rendered to the current employer\n** Average salary = Average Salary*** of last 10 months immediately preceding the retirement\n***Salary = Basic Pay + DA (to the extent it forms part of retirement benefits)+ turnover based commission"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Least of the following shall be exempt from tax:<br />
a) Amount actually received<br />
b) Unutilized earned leave* X Average monthly salary<br />
c) 10 months Average Salary**<br />
d) Rs. 3,00,000<br />
* While computing unutilized earned leave, earned leave entitlements cannot exceed 30 days for each completed year of service rendered to the current employer<br />
** Average salary = Average Salary*** of last 10 months immediately preceding the retirement<br />
***Salary = Basic Pay + DA (to the extent it forms part of retirement benefits)+ turnover based commission</td></tr>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"Retrenchment Compensation"}" rowspan="1" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #ff9900; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Retrenchment Compensation</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":3}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">3</td><td data-sheets-value="{"1":2,"2":"10(10B)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10B)</td><td data-sheets-value="{"1":2,"2":"Retrenchment Compensation received by a workman under the Industrial Dispute Act, 1947 (Subject to certain conditions)."}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Retrenchment Compensation received by a workman under the Industrial Dispute Act, 1947 (Subject to certain conditions).</td><td data-sheets-value="{"1":2,"2":"Least of the following shall be exempt from tax:\na) Amount calculated as per section 25F(b)of the Industrial Disputes Act, 1947;\nb) Rs. 5,00,000; or\nc) Amount actually received\nNote:\ni. Relief under Section 89(1) is available\nii. 15 days average pay for each completed year of continuous service or any part thereof in excess of 6 months is to be adopted under section 25F(b) of the Industrial Disputes Act,1947"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Least of the following shall be exempt from tax:<br />
a) Amount calculated as per section 25F(b)of the Industrial Disputes Act, 1947;<br />
b) Rs. 5,00,000; or<br />
c) Amount actually received<br />
Note:<br />
i. Relief under Section 89(1) is available<br />
ii. 15 days average pay for each completed year of continuous service or any part thereof in excess of 6 months is to be adopted under section 25F(b) of the Industrial Disputes Act,1947</td></tr>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"Gratuity"}" rowspan="1" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #ff9900; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Gratuity</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":4}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">4</td><td data-sheets-value="{"1":2,"2":"10(10)(i)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10)(i)</td><td data-sheets-value="{"1":2,"2":"Gratuity received by Government Employees (Other than employees of statutory corporations)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Gratuity received by Government Employees (Other than employees of statutory corporations)</td><td data-sheets-value="{"1":2,"2":"Fully Exempt"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":5}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">5</td><td data-sheets-value="{"1":2,"2":"10(10)(ii)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10)(ii)</td><td data-sheets-value="{"1":2,"2":"Death -cum-Retirement Gratuity received by other employees who are covered under Gratuity Act, 1972 (other than Government employee) (Subject to certain conditions)."}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Death -cum-Retirement Gratuity received by other employees who are covered under Gratuity Act, 1972 (other than Government employee) (Subject to certain conditions).</td><td data-sheets-value="{"1":2,"2":"Least of following amount is exempt from tax:\n1. (*15/26) X Last drawn salary** X completed year of service or part thereof in excess of 6 months.\n2. Rs. 10,00,000\n3. Gratuity actually received.\n*7 days in case of employee of seasonal establishment.\n** Salary = Last drawn salary including DA but excluding any bonus, commission, HRA, overtime and any other allowance, benefits or perquisite"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Least of following amount is exempt from tax:<br />
1. (*15/26) X Last drawn salary** X completed year of service or part thereof in excess of 6 months.<br />
2. Rs. 10,00,000<br />
3. Gratuity actually received.<br />
*7 days in case of employee of seasonal establishment.<br />
** Salary = Last drawn salary including DA but excluding any bonus, commission, HRA, overtime and any other allowance, benefits or perquisite</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":6}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">6</td><td data-sheets-value="{"1":2,"2":"10(10)(iii)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10)(iii)</td><td data-sheets-value="{"1":2,"2":"Death -cum-Retirement Gratuity received by other employees who are not covered under Gratuity Act, 1972 (other than Government employee) (Subject to certain conditions)."}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Death -cum-Retirement Gratuity received by other employees who are not covered under Gratuity Act, 1972 (other than Government employee) (Subject to certain conditions).</td><td data-sheets-value="{"1":2,"2":"Least of following amount is exempt from tax:\n1. Half month\u2019s Average Salary* X Completed years of service\n2. Rs. 10,00,000\n3. Gratuity actually received.\n*Average salary = Average Salary of last 10 months immediately preceding the month of retirement\n** Salary = Basic Pay + DA (to the extent it forms part of retirement benefits)+ turnover based commission"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Least of following amount is exempt from tax:<br />
1. Half month’s Average Salary* X Completed years of service<br />
2. Rs. 10,00,000<br />
3. Gratuity actually received.<br />
*Average salary = Average Salary of last 10 months immediately preceding the month of retirement<br />
** Salary = Basic Pay + DA (to the extent it forms part of retirement benefits)+ turnover based commission</td></tr>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"Pension"}" rowspan="1" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #ff9900; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Pension</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":7}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">7</td><td data-sheets-value="{"1":2,"2":"-"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">-</td><td data-sheets-value="{"1":2,"2":"Pension received from United Nation Organization by the employee of his family members"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Pension received from United Nation Organization by the employee of his family members</td><td data-sheets-value="{"1":2,"2":"Fully Exempt"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":8}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">8</td><td data-sheets-value="{"1":2,"2":"10(10A)(i)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10A)(i)</td><td data-sheets-value="{"1":2,"2":"Commuted Pension received by an employee of Central Government, State Government, Local Authority Employees and Statutory Corporation"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Commuted Pension received by an employee of Central Government, State Government, Local Authority Employees and Statutory Corporation</td><td data-sheets-value="{"1":2,"2":"Fully Exempt"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">9</td><td data-sheets-value="{"1":2,"2":"10(10A)(ii)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10A)(ii)</td><td data-sheets-value="{"1":2,"2":"Commuted Pension received by other employees who also receive gratuity"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Commuted Pension received by other employees who also receive gratuity</td><td data-sheets-value="{"1":2,"2":"1/3 of full value of commuted pension will be exempt from tax"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">1/3 of full value of commuted pension will be exempt from tax</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":10}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10</td><td data-sheets-value="{"1":2,"2":"10(10A)(iii)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10A)(iii)</td><td data-sheets-value="{"1":2,"2":"Commuted Pension received by other employees who do not receive any gratuity"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Commuted Pension received by other employees who do not receive any gratuity</td><td data-sheets-value="{"1":2,"2":"1/2 of full value of commuted pension will be exempt from tax"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">1/2 of full value of commuted pension will be exempt from tax</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":11}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">11</td><td data-sheets-value="{"1":2,"2":"10(19)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(19)</td><td data-sheets-value="{"1":2,"2":"Family Pension received by the family members of Armed Forces"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Family Pension received by the family members of Armed Forces</td><td data-sheets-value="{"1":2,"2":"Fully Exempt"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":12}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">12</td><td data-sheets-value="{"1":2,"2":"57(iia)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">57(iia)</td><td data-sheets-value="{"1":2,"2":"Family pension received by family members in any other case"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Family pension received by family members in any other case</td><td data-sheets-value="{"1":2,"2":"33.33% of Family Pension subject to maximum of Rs. 15,000 shall be exempt from tax"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">33.33% of Family Pension subject to maximum of Rs. 15,000 shall be exempt from tax</td></tr>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"Voluntary Retirement"}" rowspan="1" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #ff9900; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Voluntary Retirement</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":13}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">13</td><td data-sheets-value="{"1":2,"2":"10(10C)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10C)</td><td data-sheets-value="{"1":2,"2":"Amount received on Voluntary Retirement or Voluntary Separation (Subject to certain conditions)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Amount received on Voluntary Retirement or Voluntary Separation (Subject to certain conditions)</td><td data-sheets-value="{"1":2,"2":"Least of the following is exempt from tax:\n1) Actual amount received as per the guidelines i.e. least of the following\na) 3 months salary for each completed year of services\nb) Salary at the time of retirement X No. of months of services left for retirement; or\n2) Rs. 5,00,000"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Least of the following is exempt from tax:<br />
1) Actual amount received as per the guidelines i.e. least of the following<br />
a) 3 months salary for each completed year of services<br />
b) Salary at the time of retirement X No. of months of services left for retirement; or<br />
2) Rs. 5,00,000</td></tr>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"Provident Fund"}" rowspan="1" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #ff9900; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Provident Fund</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":14}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">14</td><td data-sheets-value="{"1":2,"2":"-"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">-</td><td data-sheets-value="{"1":2,"2":"Employee\u2019s Provident Fund"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Employee’s Provident Fund</td><td data-sheets-value="{"1":2,"2":"For taxability of contribution made to various employee\u2019s provident fund and interest arising thereon see Note 3."}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">For taxability of contribution made to various employee’s provident fund and interest arising thereon see Note 3.</td></tr>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"National Pension System (NPS)"}" rowspan="1" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #ff9900; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">National Pension System (NPS)</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":15}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">15</td><td data-sheets-value="{"1":2,"2":"10(12A)"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(12A)</td><td data-sheets-value="{"1":2,"2":"National Pension System"}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">National Pension System</td><td data-sheets-value="{"1":2,"2":"Any payment from the National Pension System Trust to an employee on closure of his account or on his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed 40% of the total amount payable to him at the time of such closure or his opting out of the scheme."}" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any payment from the National Pension System Trust to an employee on closure of his account or on his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed 40% of the total amount payable to him at the time of such closure or his opting out of the scheme.</td></tr>
<tr style="height: 21px;"><td colspan="4" data-sheets-value="{"1":2,"2":"Note: Partial withdrawal from NPS shall be exempt to the extent of 25% of amount of contributions made by the employee."}" rowspan="1" style="background-color: #d9d9d9; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Note: Partial withdrawal from NPS shall be exempt to the extent of 25% of amount of contributions made by the employee.</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-75186547691652240632017-07-05T18:00:00.000+05:302017-07-07T11:30:17.561+05:30Exemptions and Deductions from Salary Income<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="47"></col><col width="100"></col><col width="199"></col><col width="364"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"A."}" style="background-color: white; border-bottom: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">A.</td><td data-sheets-value="{"1":2,"2":"Allowances"}" style="background-color: white; border-bottom: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; text-decoration: underline; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;"><a class="in-cell-link" href="http://incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?path=/Documents/Left%20Menu/Income-from-salary.htm&IsDlg=1#rfn1" target="_blank">Allowances</a></td><td style="background-color: #f3f3f3; border-bottom: 1px solid #000000; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="background-color: #f3f3f3; border-bottom: 1px solid #000000; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"No."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">No.</td><td data-sheets-value="{"1":2,"2":"Section"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Section</td><td data-sheets-value="{"1":2,"2":"Particulars"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Particulars</td><td data-sheets-value="{"1":2,"2":"Taxability/Exemption"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Taxability/Exemption</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">1</td><td data-sheets-value="{"1":2,"2":"10(13A)read with Rule 2A"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(13A)read with Rule 2A</td><td data-sheets-value="{"1":2,"2":"House rent allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">House rent allowance</td><td data-sheets-value="{"1":2,"2":"Least of the following is exempt:\na) Actual HRA Received\nb) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Chennai)\nc) Rent paid minus 10% of salary\n* Salary = Basic + DA (if part of retirement benefit) + Turnover based Commission\nNote:\ni. Fully taxable, if HRA is received by an employee who is living in his own house or if he does not pay any rent\nii. It is mandatory for employee to report PAN of the landlord to the employer if rent paid is more than Rs. 1,00,000 [Circular No. 08 /2013 dated 10-10-2013]."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Least of the following is exempt:<br />
a) Actual HRA Received<br />
b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Chennai)<br />
c) Rent paid minus 10% of salary<br />
* Salary = Basic + DA (if part of retirement benefit) + Turnover based Commission<br />
Note:<br />
i. Fully taxable, if HRA is received by an employee who is living in his own house or if he does not pay any rent.i.e.house is self occupied.<br />
ii. It is mandatory for employee to report PAN of the landlord to the employer if rent paid is more than Rs. 1,00,000 [Circular No. 08 /2013 dated 10-10-2013].<br />
<a name='more'></a></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">2</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Children education allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Children education allowance</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 100 per month per child up to a maximum of 2 children is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 100 per month per child up to a maximum of 2 children is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":3}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">3</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Hostel expenditure allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Hostel expenditure allowance</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 300 per month per child up to a maximum of 2 children is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 300 per month per child up to a maximum of 2 children is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":4}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">4</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Transport allowance granted to an employee to meet expenditure on commuting between place of residence and place of duty"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Transport allowance granted to an employee to meet expenditure on commuting between place of residence and place of duty</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 1600 per month (Rs. 3200 per month for blind and handicapped employees) is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 1600 per month (Rs. 3200 per month for blind and handicapped employees) is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":5}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">5</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)</td><td data-sheets-value="{"1":2,"2":"Allowance granted to an employee working in any transport business to meet his personal expenditure during his duty performed in the course of running of such transport from one place to another place provided employee is not in receipt of daily allowance."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Allowance granted to an employee working in any transport business to meet his personal expenditure during his duty performed in the course of running of such transport from one place to another place provided employee is not in receipt of daily allowance.</td><td data-sheets-value="{"1":2,"2":"Amount of exemption shall be lower of following:\na) 70% of such allowance; or\nb) Rs. 10,000 per month."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Amount of exemption shall be lower of following:<br />
a) 70% of such allowance; or<br />
b) Rs. 10,000 per month.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":6}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">6</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Conveyance allowance granted to meet the expenditure on conveyance in performance of duties of an office"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Conveyance allowance granted to meet the expenditure on conveyance in performance of duties of an office</td><td data-sheets-value="{"1":2,"2":"Exempt to the extent of expenditure incurred for official purposes"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Exempt to the extent of expenditure incurred for official purposes</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":7}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">7</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Travelling allowance to meet the cost of travel on tour or on transfer"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Travelling allowance to meet the cost of travel on tour or on transfer</td><td data-sheets-value="{"1":2,"2":"Exempt to the extent of expenditure incurred for official purposes"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Exempt to the extent of expenditure incurred for official purposes</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":8}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">8</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Daily allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Daily allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty</td><td data-sheets-value="{"1":2,"2":"Exempt to the extent of expenditure incurred for official purposes"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Exempt to the extent of expenditure incurred for official purposes</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":9}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">9</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Helper/Assistant allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Helper/Assistant allowance</td><td data-sheets-value="{"1":2,"2":"Exempt to the extent of expenditure incurred for official purposes"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Exempt to the extent of expenditure incurred for official purposes</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":10}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">10</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Research allowance granted for encouraging the academic research and other professional pursuits"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Research allowance granted for encouraging the academic research and other professional pursuits</td><td data-sheets-value="{"1":2,"2":"Exempt to the extent of expenditure incurred for official purposes"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Exempt to the extent of expenditure incurred for official purposes</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":11}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">11</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Uniform allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Uniform allowance</td><td data-sheets-value="{"1":2,"2":"Exempt to the extent of expenditure incurred for official purposes"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Exempt to the extent of expenditure incurred for official purposes</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":12}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">12</td><td data-sheets-value="{"1":2,"2":"10(7)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(7)</td><td data-sheets-value="{"1":2,"2":"Any allowance or perquisite paid or allowed by Government to its employees (an Indian citizen) posted outside India"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any allowance or perquisite paid or allowed by Government to its employees (an Indian citizen) posted outside India</td><td data-sheets-value="{"1":2,"2":"Fully Exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":13}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">13</td><td data-sheets-value="{"1":2,"2":"-"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">-</td><td data-sheets-value="{"1":2,"2":"Allowances to Judges of High Court/Supreme Court (Subject to certain conditions)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Allowances to Judges of High Court/Supreme Court (Subject to certain conditions)</td><td data-sheets-value="{"1":2,"2":"Fully Exempt."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":14}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">14</td><td data-sheets-value="{"1":2,"2":"10(45)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(45)</td><td data-sheets-value="{"1":2,"2":"Following allowances and perquisites given to serving Chairman/Member of UPSC is exempt from tax:\na) Value of rent free official residence\nb) Value of conveyance facilities including transport allowance\nc) Sumptuary allowance\nd) Leave travel concession"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Following allowances and perquisites given to serving Chairman/Member of UPSC is exempt from tax:<br />
a) Value of rent free official residence<br />
b) Value of conveyance facilities including transport allowance<br />
c) Sumptuary allowance<br />
d) Leave travel concession</td><td data-sheets-value="{"1":2,"2":"Fully Exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":15}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">15</td><td data-sheets-value="{"1":2,"2":"-"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">-</td><td data-sheets-value="{"1":2,"2":"Allowances paid by the UNO to its employees"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Allowances paid by the UNO to its employees</td><td data-sheets-value="{"1":2,"2":"Fully Exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":16}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">16</td><td data-sheets-value="{"1":2,"2":"10(45)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(45)</td><td data-sheets-value="{"1":2,"2":"Allowances to Retired Chairman/Members of UPSC (Subject to certain conditions)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Allowances to Retired Chairman/Members of UPSC (Subject to certain conditions)</td><td data-sheets-value="{"1":2,"2":"Exempt subject to maximum of Rs. 14,000 per month for defraying the services of an orderly and for meeting expenses incurred towards secretarial assistant on contract basis."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Exempt subject to maximum of Rs. 14,000 per month for defraying the services of an orderly and for meeting expenses incurred towards secretarial assistant on contract basis.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":17}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">17</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Special compensatory Allowance (Hilly Areas) (Subject to certain conditions and locations)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Special compensatory Allowance (Hilly Areas) (Subject to certain conditions and locations)</td><td data-sheets-value="{"1":2,"2":"Amount exempt from tax varies from Rs. 300 to Rs. 7,000 per month."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Amount exempt from tax varies from Rs. 300 to Rs. 7,000 per month.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":18}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">18</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Border area, Remote Locality or Disturbed Area or Difficult Area Allowance (Subject to certain conditions and locations)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Border area, Remote Locality or Disturbed Area or Difficult Area Allowance (Subject to certain conditions and locations)</td><td data-sheets-value="{"1":2,"2":"Amount exempt from tax varies from Rs. 200 to Rs. 1,300 per month."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Amount exempt from tax varies from Rs. 200 to Rs. 1,300 per month.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":19}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">19</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Tribal area allowance in (a) Madhya Pradesh (b) Tamil Nadu (c) Uttar Pradesh (d) Karnataka (e) Tripura (f) Assam (g) West Bengal (h) Bihar (i) Orissa"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Tribal area allowance in (a) Madhya Pradesh (b) Tamil Nadu (c) Uttar Pradesh (d) Karnataka (e) Tripura (f) Assam (g) West Bengal (h) Bihar (i) Orissa</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 200 per month is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 200 per month is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":20}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">20</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Compensatory Field Area Allowance. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Compensatory Field Area Allowance. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 2,600 per month is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 2,600 per month is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":21}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">21</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Compensatory Modified Area Allowance. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Compensatory Modified Area Allowance. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 1,000 per month is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 1,000 per month is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":22}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">22</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Counter Insurgency Allowance granted to members of Armed Forces operating in areas away from their permanent locations. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Counter Insurgency Allowance granted to members of Armed Forces operating in areas away from their permanent locations. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 3,900 per month is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 3,900 per month is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":23}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">23</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Underground Allowance to employees working in uncongenial, unnatural climate in underground mines"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Underground Allowance to employees working in uncongenial, unnatural climate in underground mines</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 800 per month is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 800 per month is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":24}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">24</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"High Altitude Allowance granted to armed forces operating in high altitude areas (Subject to certain conditions and locations)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">High Altitude Allowance granted to armed forces operating in high altitude areas (Subject to certain conditions and locations)</td><td data-sheets-value="{"1":2,"2":"a) Up to Rs. 1,060 per month (for altitude of 9,000 to 15,000 feet) is exempt\nb) Up to Rs. 1,600 per month (for altitude above 15,000 feet) is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Up to Rs. 1,060 per month (for altitude of 9,000 to 15,000 feet) is exempt<br />
b) Up to Rs. 1,600 per month (for altitude above 15,000 feet) is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":25}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">25</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Highly active field area allowance granted to members of armed forces (Subject to certain conditions and locations)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Highly active field area allowance granted to members of armed forces (Subject to certain conditions and locations)</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 4,200 per month is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 4,200 per month is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":26}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">26</td><td data-sheets-value="{"1":2,"2":"Sec. 10(14)read with Rule 2BB"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Sec. 10(14)read with Rule 2BB</td><td data-sheets-value="{"1":2,"2":"Island Duty Allowance granted to members of armed forces in Andaman and Nicobar and Lakshadweep group of Island (Subject to certain conditions and locations)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Island Duty Allowance granted to members of armed forces in Andaman and Nicobar and Lakshadweep group of Island (Subject to certain conditions and locations)</td><td data-sheets-value="{"1":2,"2":"Up to Rs. 3,250 per month is exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Up to Rs. 3,250 per month is exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":27}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">27</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"City Compensatory Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">City Compensatory Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":28}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">28</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Fixed Medical Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fixed Medical Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":29}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">29</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Tiffin, Lunch, Dinner or Refreshment Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Tiffin, Lunch, Dinner or Refreshment Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":30}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">30</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Servant Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Servant Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":31}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">31</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Project Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Project Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":32}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">32</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Overtime Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Overtime Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":33}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">33</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Telephone Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Telephone Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":34}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">34</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Holiday Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Holiday Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":35}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">35</td><td data-sheets-value="{"1":2,"2":"10(14)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(14)</td><td data-sheets-value="{"1":2,"2":"Any Other Cash Allowance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any Other Cash Allowance</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td style="background-color: white; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="background-color: #f3f3f3; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="background-color: #f3f3f3; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"B."}" style="background-color: white; border-bottom: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">B.</td><td data-sheets-value="{"1":2,"2":"Perquisites"}" style="background-color: white; border-bottom: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; text-decoration: underline; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;"><a class="in-cell-link" href="http://incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?path=/Documents/Left%20Menu/Income-from-salary.htm&IsDlg=1#rfn2" target="_blank">Perquisites</a></td><td style="background-color: #f3f3f3; border-bottom: 1px solid #000000; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="background-color: #f3f3f3; border-bottom: 1px solid #000000; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"No."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">No.</td><td data-sheets-value="{"1":2,"2":"Section"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Section</td><td data-sheets-value="{"1":2,"2":"Particulars"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Particulars</td><td data-sheets-value="{"1":2,"2":"Taxability/Exemption"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Taxability/Exemption</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-4]C[0]+1" data-sheets-value="{"1":3,"3":36}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">36</td><td data-sheets-value="{"1":2,"2":"17(2)(i)\nread with\nRule 3(1)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(i)<br />
read with<br />
Rule 3(1)</td><td data-sheets-value="{"1":2,"2":"Rent free unfurnished accommodation provided to Central and State Government employees"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Rent free unfurnished accommodation provided to Central and State Government employees</td><td data-sheets-value="{"1":2,"2":"License fees determined in accordance with rules framed by Government for allotment of houses shall be deemed to be the taxable value of perquisites."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">License fees determined in accordance with rules framed by Government for allotment of houses shall be deemed to be the taxable value of perquisites.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":37}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">37</td><td data-sheets-value="{"1":2,"2":"17(2)(i)/(ii)\nread with\nRule 3(1)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(i)/(ii)<br />
read with<br />
Rule 3(1)</td><td data-sheets-value="{"1":2,"2":"Unfurnished rent free accommodation provided to other employees"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Unfurnished rent free accommodation provided to other employees</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisites\ni. If house property is owned by the employer, the taxable value of perquisite shall be:\nA. 15% of salary, if population of city where accommodation is provided exceeds 25 lakhs\nB. 10% of salary, if population of city where accommodation is provided exceeds 10 lakhs but does not exceed 25 lakhs\nC. 7.5% of salary, if accommodation is provided in any other city\nii. If house property is taken on lease or rent by the employer, the taxable value of perquisite shall be:\ni. Lease rent paid or payable by the employer or 15% of the salary, whichever is lower\n*Salary includes:\na) Basic Pay\nb) Dearness Allowance (only to the extent it forms part of retirement benefit salary)\nc) Bonus\nd) Commission\ne) All other allowances (only taxable portion)\nf) Any monetary payment which is chargeable to tax\nBut does not include\ni. Value of any perquisite\nii. Employer\u2019s contribution to PF\niii. Benefits received at the time of retirement like gratuity, pension etc.\nNote:\n1) Rent free accommodation is not chargeable to tax if provided in remote area.\n2) Rent free accommodation provided to High Court or Supreme Court Judges, Union Ministers, Leader of Opposition in Parliament, an official in Parliament and Serving Chairman and members of UPSC is tax free perquisite.\n3) The value so determined shall be reduced by the amount of rent, if any, recovered from the employee.\n4) If employee is transferred and retain property at both the places, the taxable value of perquisites for initial period of 90 days shall be determined with reference to only one accommodation (at the option of the assessee). The other one will be tax free. However after 90 days, taxable value of perquisites shall be charged with reference to both the accommodations."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisites<br />
i. If house property is owned by the employer, the taxable value of perquisite shall be:<br />
A. 15% of salary, if population of city where accommodation is provided exceeds 25 lakhs<br />
B. 10% of salary, if population of city where accommodation is provided exceeds 10 lakhs but does not exceed 25 lakhs<br />
C. 7.5% of salary, if accommodation is provided in any other city<br />
ii. If house property is taken on lease or rent by the employer, the taxable value of perquisite shall be:<br />
i. Lease rent paid or payable by the employer or 15% of the salary, whichever is lower<br />
*Salary includes:<br />
a) Basic Pay<br />
b) Dearness Allowance (only to the extent it forms part of retirement benefit salary)<br />
c) Bonus<br />
d) Commission<br />
e) All other allowances (only taxable portion)<br />
f) Any monetary payment which is chargeable to tax<br />
But does not include<br />
i. Value of any perquisite<br />
ii. Employer’s contribution to PF<br />
iii. Benefits received at the time of retirement like gratuity, pension etc.<br />
Note:<br />
1) Rent free accommodation is not chargeable to tax if provided in remote area.<br />
2) Rent free accommodation provided to High Court or Supreme Court Judges, Union Ministers, Leader of Opposition in Parliament, an official in Parliament and Serving Chairman and members of UPSC is tax free perquisite.<br />
3) The value so determined shall be reduced by the amount of rent, if any, recovered from the employee.<br />
4) If employee is transferred and retain property at both the places, the taxable value of perquisites for initial period of 90 days shall be determined with reference to only one accommodation (at the option of the assessee). The other one will be tax free. However after 90 days, taxable value of perquisites shall be charged with reference to both the accommodations.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":38}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">38</td><td data-sheets-value="{"1":2,"2":"17(2)(i)\nread with\nRule 3(1)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(i)<br />
read with<br />
Rule 3(1)</td><td data-sheets-value="{"1":2,"2":"Rent free furnished accommodation"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Rent free furnished accommodation</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisites shall be computed in following manner:\na) Taxable value of perquisite assuming accommodation to be provided to the employee is unfurnished\nb) Add: 10% of original cost of furniture and fixtures (if these are owned by the employer) or actual higher charges paid or payable (if these are taken on rent by the employer).\nc) Less: The value so determined shall be reduced by the amount of rent, if any, recovered from the employee"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisites shall be computed in following manner:<br />
a) Taxable value of perquisite assuming accommodation to be provided to the employee is unfurnished<br />
b) Add: 10% of original cost of furniture and fixtures (if these are owned by the employer) or actual higher charges paid or payable (if these are taken on rent by the employer).<br />
c) Less: The value so determined shall be reduced by the amount of rent, if any, recovered from the employee</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":39}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">39</td><td data-sheets-value="{"1":2,"2":"17(2)(i)\nread with\nRule 3(1)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(i)<br />
read with<br />
Rule 3(1)</td><td data-sheets-value="{"1":2,"2":"Accommodation provided in a hotel\nHotel accommodation will not be chargeable to tax if :\na) It is provided for a total period not exceeding in aggregate 15 days in the financial year; and\nb) Such accommodation in hotel is provided on employee\u2019s transfer from one place to another place."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Accommodation provided in a hotel<br />
Hotel accommodation will not be chargeable to tax if :<br />
a) It is provided for a total period not exceeding in aggregate 15 days in the financial year; and<br />
b) Such accommodation in hotel is provided on employee’s transfer from one place to another place.</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisite shall be lower of following:\na) Actual charges paid or payable by the employer to such hotel; or\nb) 24% of salary"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisite shall be lower of following:<br />
a) Actual charges paid or payable by the employer to such hotel; or<br />
b) 24% of salary</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":40}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">40</td><td data-sheets-value="{"1":2,"2":"17(2)(iii)\nread with Rule 3(2)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(iii)<br />
read with Rule 3(2)</td><td data-sheets-value="{"1":2,"2":"Motor Car / Other Conveyance"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Motor Car / Other Conveyance</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisites (See Note 1 below)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisites (See Note 1 below)</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":41}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">41</td><td data-sheets-value="{"1":2,"2":"17(2)(iii)\nread with Rule 3(3)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(iii)<br />
read with Rule 3(3)</td><td data-sheets-value="{"1":2,"2":"Services of a domestic servant including sweeper, gardener, watchmen or personal attendant (taxable only in case of specified employee [See Note 4])"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Services of a domestic servant including sweeper, gardener, watchmen or personal attendant (taxable only in case of specified employee [See Note 4])</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisite shall be salary paid or payable by the employer for such services less any amount recovered from the employee."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisite shall be salary paid or payable by the employer for such services less any amount recovered from the employee.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":42}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">42</td><td data-sheets-value="{"1":2,"2":"17(2)(iii)\nread with Rule 3(4)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(iii)<br />
read with Rule 3(4)</td><td data-sheets-value="{"1":2,"2":"Supply of gas, electricity or water for household purposes"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Supply of gas, electricity or water for household purposes</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisites:\n\u27a2 Manufacturing cost per unit incurred by the employer., if provided from resources owned by the employer;\n\u27a2 Amount paid by the employer, if purchased by the employer from outside agency\nNote:\n1. Any amount recovered from the employee shall be deducted from the taxable value of perquisite.\n2. Taxable in case of specified employees only [See note 4]"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisites:<br />
➢ Manufacturing cost per unit incurred by the employer., if provided from resources owned by the employer;<br />
➢ Amount paid by the employer, if purchased by the employer from outside agency<br />
Note:<br />
1. Any amount recovered from the employee shall be deducted from the taxable value of perquisite.<br />
2. Taxable in case of specified employees only [See note 4]</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":43}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">43</td><td data-sheets-value="{"1":2,"2":"17(2)(iii)\nread with Rule 3(5)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(iii)<br />
read with Rule 3(5)</td><td data-sheets-value="{"1":2,"2":"Education Facilities"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Education Facilities</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisites (See Note 2 below)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisites (See Note 2 below)</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":44}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">44</td><td data-sheets-value="{"1":2,"2":"17(2)(iii)\nread with Rule 3(6)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(iii)<br />
read with Rule 3(6)</td><td data-sheets-value="{"1":2,"2":"Transport facilities provided by the employer engaged in carriage of passenger or goods (except Airlines or Railways)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Transport facilities provided by the employer engaged in carriage of passenger or goods (except Airlines or Railways)</td><td data-sheets-value="{"1":2,"2":"Value at which services are offered by the employer to the public less amount recovered from the employee shall be a taxable perquisite"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Value at which services are offered by the employer to the public less amount recovered from the employee shall be a taxable perquisite</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":45}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">45</td><td data-sheets-value="{"1":2,"2":"17(2)(v)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(v)</td><td data-sheets-value="{"1":2,"2":"Amount payable by the employer to effect an insurance on life of employee or to effect a contract for an annuity"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Amount payable by the employer to effect an insurance on life of employee or to effect a contract for an annuity</td><td data-sheets-value="{"1":2,"2":"Fully Taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully Taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":46}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">46</td><td data-sheets-value="{"1":2,"2":"17(2)(vi)read with Rule 3(8)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(vi)read with Rule 3(8)</td><td data-sheets-value="{"1":2,"2":"ESOP/ Sweat Equity Shares"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">ESOP/ Sweat Equity Shares</td><td data-sheets-value="{"1":2,"2":"Fair Market value of shares or securities on the date of exercise of option by the assessee less amount recovered from the employee in respect of such shares shall be the taxable value of perquisites.\nFair Market Value shall be determined as follows:\na) In case of listed Shares: Average of opening and closing price as on date of exercise of option (Subject to certain conditions and circumstances)\nb) In case of unlisted shares/ security other than equity shares: Value determined by a Merchant Banker as on date of exercise of option or an earlier date, not being a date which is more than 180 days earlier than the date of exercise of the option."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fair Market value of shares or securities on the date of exercise of option by the assessee less amount recovered from the employee in respect of such shares shall be the taxable value of perquisites.<br />
Fair Market Value shall be determined as follows:<br />
a) In case of listed Shares: Average of opening and closing price as on date of exercise of option (Subject to certain conditions and circumstances)<br />
b) In case of unlisted shares/ security other than equity shares: Value determined by a Merchant Banker as on date of exercise of option or an earlier date, not being a date which is more than 180 days earlier than the date of exercise of the option.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":47}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">47</td><td data-sheets-value="{"1":2,"2":"17(2)(vii)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(vii)</td><td data-sheets-value="{"1":2,"2":"Employer\u2019s contribution towards superannuation fund"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Employer’s contribution towards superannuation fund</td><td data-sheets-value="{"1":2,"2":"Taxable in the hands of employee to the extent such contribution exceeds Rs.1,50,000"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable in the hands of employee to the extent such contribution exceeds Rs.1,50,000</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":48}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">48</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(i)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(i)</td><td data-sheets-value="{"1":2,"2":"Interest free loan or Loan at concessional rate of interest"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Interest free loan or Loan at concessional rate of interest</td><td data-sheets-value="{"1":2,"2":"Interest free loan or loan at concessional rate of interest given by an employer to the employee (or any member of his household) is a perquisite chargeable to tax in the hands of all employees on following basis:\n1) Find out the \u201cmaximum outstanding monthly balance\u201d (i.e. the aggregate outstanding balance for each loan as on the last day of each month);\n2) Find out rate of interest charged by the SBI as on the first day of relevant previous year in respect of loan for the same purpose advanced by it;\n3) Calculate interest for each month of the previous year on the outstanding amount (mentioned in Step 1) at the rate of interest given in Step 2\n4) From the total interest calculated for the entire previous year (step 3), deduct interest actually recovered, if any, from employee\n5) The balance amount (Step 3-Step 4) is taxable value of perquisite\nNothing is taxable if:\na) Loan in aggregate does not exceed Rs. 20,000; or\nb) Loan is provided for treatment of specified diseases (Rule 3A) like neurological diseases, Cancer, AIDS, Chronic renal failure, Hemophilia (specified diseases). However, exemption is not applicable to so much of the loan as has been reimbursed to the employee under any medical insurance scheme."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Interest free loan or loan at concessional rate of interest given by an employer to the employee (or any member of his household) is a perquisite chargeable to tax in the hands of all employees on following basis:<br />
1) Find out the “maximum outstanding monthly balance” (i.e. the aggregate outstanding balance for each loan as on the last day of each month);<br />
2) Find out rate of interest charged by the SBI as on the first day of relevant previous year in respect of loan for the same purpose advanced by it;<br />
3) Calculate interest for each month of the previous year on the outstanding amount (mentioned in Step 1) at the rate of interest given in Step 2<br />
4) From the total interest calculated for the entire previous year (step 3), deduct interest actually recovered, if any, from employee<br />
5) The balance amount (Step 3-Step 4) is taxable value of perquisite<br />
Nothing is taxable if:<br />
a) Loan in aggregate does not exceed Rs. 20,000; or<br />
b) Loan is provided for treatment of specified diseases (Rule 3A) like neurological diseases, Cancer, AIDS, Chronic renal failure, Hemophilia (specified diseases). However, exemption is not applicable to so much of the loan as has been reimbursed to the employee under any medical insurance scheme.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":49}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">49</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(ii)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(ii)</td><td data-sheets-value="{"1":2,"2":"Facility of travelling, touring and accommodation availed of by the employee or any member of his household for any holiday"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Facility of travelling, touring and accommodation availed of by the employee or any member of his household for any holiday</td><td data-sheets-value="{"1":2,"2":"a) Taxable value of perquisite shall be expenditure incurred by the employer less amount recovered from employee.\nb) Where such facility is maintained by the employer, and is not available uniformly to all employees, the value of benefit shall be taken to be the value at which such facilities are offered by other agencies to the public."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Taxable value of perquisite shall be expenditure incurred by the employer less amount recovered from employee.<br />
b) Where such facility is maintained by the employer, and is not available uniformly to all employees, the value of benefit shall be taken to be the value at which such facilities are offered by other agencies to the public.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":50}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">50</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(iii)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(iii)</td><td data-sheets-value="{"1":2,"2":"Free food and beverages provided to the employee"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Free food and beverages provided to the employee</td><td data-sheets-value="{"1":2,"2":"1) Fully Taxable: Free meals in excess of Rs. 50 per meal less amount paid by the employee shall be a taxable perquisite\n2) Exempt from tax: Following free meals shall be exempt from tax:\na) Food and non-alcoholic beverages provided during working hours in remote area or in an offshore installation;\nb) Tea, Coffee or Non-Alcoholic beverages and Snacks during working hours are tax free perquisites;\nc) Food in office premises or through non-transferable paid vouchers usable only at eating joints provided by an employer is not taxable, if cost to the employer is Rs. 50(or less) per meal."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">1) Fully Taxable: Free meals in excess of Rs. 50 per meal less amount paid by the employee shall be a taxable perquisite<br />
2) Exempt from tax: Following free meals shall be exempt from tax:<br />
a) Food and non-alcoholic beverages provided during working hours in remote area or in an offshore installation;<br />
b) Tea, Coffee or Non-Alcoholic beverages and Snacks during working hours are tax free perquisites;<br />
c) Food in office premises or through non-transferable paid vouchers usable only at eating joints provided by an employer is not taxable, if cost to the employer is Rs. 50(or less) per meal.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":51}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">51</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(iv)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(iv)</td><td data-sheets-value="{"1":2,"2":"Gift or Voucher or Coupon on ceremonial occasions or otherwise provided to the employee"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Gift or Voucher or Coupon on ceremonial occasions or otherwise provided to the employee</td><td data-sheets-value="{"1":2,"2":"a) Gifts in cash or convertible into money (like gift cheque) are fully taxable\nb) Gift in kind up to Rs.5,000 in aggregate per annum would be exempt, beyond which it would be taxable."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Gifts in cash or convertible into money (like gift cheque) are fully taxable<br />
b) Gift in kind up to Rs.5,000 in aggregate per annum would be exempt, beyond which it would be taxable.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":52}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">52</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(v)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(v)</td><td data-sheets-value="{"1":2,"2":"Credit Card"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Credit Card</td><td data-sheets-value="{"1":2,"2":"a) Expenditure incurred by the employer in respect of credit card used by the employee or any member of his household less amount recovered from the employee is a taxable perquisite\nb) Expenses incurred for official purposes shall not be a taxable perquisite provided complete details in respect of such expenditure are maintained by the employer"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Expenditure incurred by the employer in respect of credit card used by the employee or any member of his household less amount recovered from the employee is a taxable perquisite<br />
b) Expenses incurred for official purposes shall not be a taxable perquisite provided complete details in respect of such expenditure are maintained by the employer</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":53}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">53</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(vi)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(vi)</td><td data-sheets-value="{"1":2,"2":"Free Recreation/ Club Facilities"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Free Recreation/ Club Facilities</td><td data-sheets-value="{"1":2,"2":"a) Expenditure incurred by the employer towards annual or periodical fee etc. (excluding initial fee to acquire corporate membership) less amount recovered from the employee is a taxable perquisite\nb) Expenses incurred on club facilities for the official purposes are exempt from tax.\nc) Use of health club, sports and similar facilities provided uniformly to all employees shall be exempt from tax."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Expenditure incurred by the employer towards annual or periodical fee etc. (excluding initial fee to acquire corporate membership) less amount recovered from the employee is a taxable perquisite<br />
b) Expenses incurred on club facilities for the official purposes are exempt from tax.<br />
c) Use of health club, sports and similar facilities provided uniformly to all employees shall be exempt from tax.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":54}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">54</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(vii)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(vii)</td><td data-sheets-value="{"1":2,"2":"Use of movable assets of the employer by the employee is a taxable perquisite"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Use of movable assets of the employer by the employee is a taxable perquisite</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisites\na) Use of Laptops and Computers: Nil\nb) Movable asset other than Laptops, computers and Motor Car*: 10% of original cost of the asset (if asset is owned by the employer) or actual higher charges incurred by the employer (if asset is taken on rent) less amount recovered from employee.\n*See Note 1 for computation of perquisite value in case of use of the Motor Car"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisites<br />
a) Use of Laptops and Computers: Nil<br />
b) Movable asset other than Laptops, computers and Motor Car*: 10% of original cost of the asset (if asset is owned by the employer) or actual higher charges incurred by the employer (if asset is taken on rent) less amount recovered from employee.<br />
*See Note 1 for computation of perquisite value in case of use of the Motor Car</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":55}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">55</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(viii)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(viii)</td><td data-sheets-value="{"1":2,"2":"Transfer of movable assets by an employer to its employee"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Transfer of movable assets by an employer to its employee</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisites\na) Computers, Laptop and Electronics items: Actual cost of asset less depreciation at 50% (using reducing balance method) for each completed year of usage by employer less amount recovered from the employee\nb) Motor Car: Actual cost of asset less depreciation at 20% (using reducing balance method) for each completed year of usage by employer less amount recovered from the employee\nc) Other movable assets: Actual cost of asset less depreciation at 10% (on SLM basis) for each completed year of usage by employer less amount recovered from the employee."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisites<br />
a) Computers, Laptop and Electronics items: Actual cost of asset less depreciation at 50% (using reducing balance method) for each completed year of usage by employer less amount recovered from the employee<br />
b) Motor Car: Actual cost of asset less depreciation at 20% (using reducing balance method) for each completed year of usage by employer less amount recovered from the employee<br />
c) Other movable assets: Actual cost of asset less depreciation at 10% (on SLM basis) for each completed year of usage by employer less amount recovered from the employee.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":56}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">56</td><td data-sheets-value="{"1":2,"2":"17(2)(viii)read with Rule 3(7)(ix)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">17(2)(viii)read with Rule 3(7)(ix)</td><td data-sheets-value="{"1":2,"2":"Any other benefit or amenity extended by employer to employee"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any other benefit or amenity extended by employer to employee</td><td data-sheets-value="{"1":2,"2":"Taxable value of perquisite shall be computed on the basis of cost to the employer (under an arm\u2019s length transaction) less amount recovered from the employee.\nHowever, expenses on telephones including a mobile phone incurred by the employer on behalf of employee shall not be treated as taxable perquisite."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Taxable value of perquisite shall be computed on the basis of cost to the employer (under an arm’s length transaction) less amount recovered from the employee.<br />
However, expenses on telephones including a mobile phone incurred by the employer on behalf of employee shall not be treated as taxable perquisite.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":57}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">57</td><td data-sheets-value="{"1":2,"2":"10(10CC)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(10CC)</td><td data-sheets-value="{"1":2,"2":"Tax paid by the employer on perquisites (not provided for by way of monetary payments) given to employee"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Tax paid by the employer on perquisites (not provided for by way of monetary payments) given to employee</td><td data-sheets-value="{"1":2,"2":"Fully exempt"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Fully exempt</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":58}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">58</td><td data-sheets-value="{"1":2,"2":"10(5)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">10(5)</td><td data-sheets-value="{"1":2,"2":"Leave Travel Concession or Assistance (LTC/LTA), extended by an employer to an employee for going anywhere in India along with his family*\n*Family includes spouse, children and dependent brother/sister/parents. However, family doesn\u2019t include more than 2 children of an Individual born on or after 01-10-1998.\n(Subject to certain conditions)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Leave Travel Concession or Assistance (LTC/LTA), extended by an employer to an employee for going anywhere in India along with his family*<br />
*Family includes spouse, children and dependent brother/sister/parents. However, family doesn’t include more than 2 children of an Individual born on or after 01-10-1998.<br />
(Subject to certain conditions)</td><td data-sheets-value="{"1":2,"2":"The exemption shall be limited to fare for going anywhere in India along with family twice in a block of four years:\n\u2022 Where journey is performed by Air - Exemption up to Air fare of economy class in the National Carrier by the shortest route\n\u2022 Where journey is performed by Rail - Exemption up to air-conditioned first class rail fare by the shortest route\n\u2022 If places of origin of journey and destination are connected by rail but the journey is performed by any other mode of transport - Exemption up to air-conditioned first class rail fare by the shortest route.\n\u2022 Where the places of origin of journey and destination are not connected by rail:\n* Where a recognized public transport system exists - Exemption up to first Class or deluxe class fare by the shortest route\n* Where no recognized public transport system exists - Exemption up to air conditioned first class rail fare by shortest route.\nNotes:\ni. Two journeys in a block of 4 calendar years is exempt\nii. Taxable only in case of Specified Employees [See note 4]"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">The exemption shall be limited to fare for going anywhere in India along with family twice in a block of four years:<br />
• Where journey is performed by Air - Exemption up to Air fare of economy class in the National Carrier by the shortest route<br />
• Where journey is performed by Rail - Exemption up to air-conditioned first class rail fare by the shortest route<br />
• If places of origin of journey and destination are connected by rail but the journey is performed by any other mode of transport - Exemption up to air-conditioned first class rail fare by the shortest route.<br />
• Where the places of origin of journey and destination are not connected by rail:<br />
* Where a recognized public transport system exists - Exemption up to first Class or deluxe class fare by the shortest route<br />
* Where no recognized public transport system exists - Exemption up to air conditioned first class rail fare by shortest route.<br />
Notes:<br />
i. Two journeys in a block of 4 calendar years is exempt<br />
ii. Taxable only in case of Specified Employees [See note 4]</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":59}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">59</td><td data-sheets-value="{"1":2,"2":"Proviso to section 17(2)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Proviso to section 17(2)</td><td data-sheets-value="{"1":2,"2":"Medical facilities in India"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Medical facilities in India</td><td data-sheets-value="{"1":2,"2":"a) Expense incurred or reimbursed by the employer for the medical treatment of the employee or his family (spouse and children, dependent - parents, brothers and sisters) in any of the following hospital is not chargeable to tax in the hands of the employee:\ni. Hospital maintained by the employer.\nii. Hospital maintained by the Government or Local Authority or any other hospital approved by Central Government\niii. Hospital approved by the Chief Commissioner having regard to the prescribed guidelines for treatment of the prescribed diseases.\nb) Medical insurance premium paid or reimbursed by the employer is not chargeable to tax.\nc) Any other expenditure incurred or reimbursed by the employer for providing medical facility in India is not chargeable to tax up to Rs. 15,000 in aggregate per assessment year."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">a) Expense incurred or reimbursed by the employer for the medical treatment of the employee or his family (spouse and children, dependent - parents, brothers and sisters) in any of the following hospital is not chargeable to tax in the hands of the employee:<br />
i. Hospital maintained by the employer.<br />
ii. Hospital maintained by the Government or Local Authority or any other hospital approved by Central Government<br />
iii. Hospital approved by the Chief Commissioner having regard to the prescribed guidelines for treatment of the prescribed diseases.<br />
b) Medical insurance premium paid or reimbursed by the employer is not chargeable to tax.<br />
c) Any other expenditure incurred or reimbursed by the employer for providing medical facility in India is not chargeable to tax up to Rs. 15,000 in aggregate per assessment year.</td></tr>
<tr style="height: 21px;"><td data-sheets-formula="=R[-1]C[0]+1" data-sheets-value="{"1":3,"3":60}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">60</td><td data-sheets-value="{"1":2,"2":"Proviso to section 17(2)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Proviso to section 17(2)</td><td data-sheets-value="{"1":2,"2":"Medical facilities outside India"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Medical facilities outside India</td><td data-sheets-value="{"1":2,"2":"Any expenditure incurred or reimbursed by the employer for medical treatment of the employee or his family member outside India is exempt to the extent of following (subject to certain condition):\na. Expenses on medical treatment - exempt to the extent permitted by RBI.\nb. Expenses on stay abroad for patient and one attendant - exempt to the extent permitted by RBI.\nc. Expenditure incurred on travelling of patient and one attendant- exempt, if Gross Total Income (before including the travel expenditure) of the employee, does not exceed Rs. 2,00,000."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Any expenditure incurred or reimbursed by the employer for medical treatment of the employee or his family member outside India is exempt to the extent of following (subject to certain condition):<br />
a. Expenses on medical treatment - exempt to the extent permitted by RBI.<br />
b. Expenses on stay abroad for patient and one attendant - exempt to the extent permitted by RBI.<br />
c. Expenditure incurred on travelling of patient and one attendant- exempt, if Gross Total Income (before including the travel expenditure) of the employee, does not exceed Rs. 2,00,000.</td></tr>
<tr style="height: 21px;"><td style="background-color: white; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="background-color: #f3f3f3; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="background-color: #f3f3f3; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"C."}" style="background-color: white; border-bottom: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">C.</td><td data-sheets-value="{"1":2,"2":"Deduction from salary"}" style="background-color: white; border-bottom: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; text-decoration: underline; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;"><a class="in-cell-link" href="http://incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?path=/Documents/Left%20Menu/Income-from-salary.htm&IsDlg=1#rfn3" target="_blank">Deduction from salary</a></td><td style="background-color: #f3f3f3; border-bottom: 1px solid #000000; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td><td style="background-color: #f3f3f3; border-bottom: 1px solid #000000; padding: 2px 3px 2px 3px; vertical-align: bottom;"><br /></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"No."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">No.</td><td data-sheets-value="{"1":2,"2":"Section"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Section</td><td data-sheets-value="{"1":2,"2":"Particulars"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Particulars</td><td data-sheets-value="{"1":2,"2":"Taxability/Exemption"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Taxability/Exemption</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">1</td><td data-sheets-value="{"1":2,"2":"16 (ii)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">16 (ii)</td><td data-sheets-value="{"1":2,"2":"Entertainment Allowance received by the Government employees (Fully taxable in case of other employees)"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Entertainment Allowance received by the Government employees (Fully taxable in case of other employees)</td><td data-sheets-value="{"1":2,"2":"Least of the following is exempt from tax:\na) Rs 5,000\nb) 1/5th of salary (excluding any allowance, benefits or other perquisite)\nc) Actual entertainment allowance received"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Least of the following is exempt from tax:<br />
a) Rs 5,000<br />
b) 1/5th of salary (excluding any allowance, benefits or other perquisite)<br />
c) Actual entertainment allowance received</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: white; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">2</td><td data-sheets-value="{"1":2,"2":"16(iii)"}" style="background-color: white; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #663399; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">16(iii)</td><td data-sheets-value="{"1":2,"2":"Employment Tax/Professional Tax."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Employment Tax/Professional Tax.</td><td data-sheets-value="{"1":2,"2":"Amount actually paid during the year. However, if professional tax is paid by the employer on behalf of its employee than it is first included in the salary of the employee as a perquisite and then same amount is allowed as deduction."}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 120%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Amount actually paid during the year. However, if professional tax is paid by the employer on behalf of its employee than it is first included in the salary of the employee as a perquisite and then same amount is allowed as deduction.</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-86100046064898927502017-07-05T17:37:00.003+05:302017-07-05T19:12:14.061+05:30Defination of Salary as Per Income Tax Act<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="tx" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<b>Salary include:</b></div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
a) Wages</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
b) Annuity</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
c) Pension</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
d) Gratuity</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
f) Advance of Salary</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
g) Leave Encashment<br />
<a name='more'></a></div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
h) Annual accretion to the balance of Recognized Provident Fund</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
i) Transferred balance in Recognized Provident Fund</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
j) Contribution by Central Government or any other employer to Employees Pension Account as referred in <a href="https://www.blogger.com/null" style="color: #663399; text-decoration: none;">Sec. 80CCD</a><br />
<br />
<div class="tx" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<b>Important Points:</b></div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
a) Salary income is chargeable to tax on <span style="color: #990000;">“due basis” or “receipt basis” whichever is earlier</span>.</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
b) Existence of relationship of <span style="color: #990000;">employer and employee is must</span> between the payer and payee to tax the income under this head.</div>
<div class="indent1" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 10mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -7mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
c) Income from salary taxable during the year shall <span style="color: #990000;">consists </span>of following:</div>
<div class="indent2" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 22mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -8mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
i. Salary <span style="color: #990000;">due</span> from employer (including former employer) to taxpayer during the previous year, whether paid or not;</div>
<div class="indent2" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 22mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -8mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
ii. Salary <span style="color: #990000;">paid</span> by employer (including former employer) to taxpayer during the previous year before it became due;</div>
<div class="indent2" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; display: block; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-left: 22mm; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -8mm; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
iii. <span style="color: #990000;">Arrear</span> of salary paid by the employer (including former employer) to taxpayer during the previous year, <span style="color: #990000;">if not charged</span> to tax in any <span style="color: #990000;">earlier</span> year;</div>
<div class="tx" style="-webkit-text-stroke-width: 0px; background-color: white; color: #444444; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 4pt; margin-top: -1pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<i>Exceptions -</i> Remuneration, bonus or commission received by a partner from the firm is not taxable under the head Salaries rather it would be taxable under the head business or profession.<br />
<br />
<b>Taxability</b>:<br />
<br />
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="34"></col><col width="313"></col><col width="206"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"No."}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">No.</td><td data-sheets-value="{"1":2,"2":"Particulars"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Particulars</td><td data-sheets-value="{"1":2,"2":"Taxability/Exemption"}" style="background-color: #b7b7b7; border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Taxability/Exemption</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">1</td><td data-sheets-value="{"1":2,"2":"Basic salary"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Basic salary</td><td data-sheets-value="{"1":2,"2":"Fully taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Fully taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">2</td><td data-sheets-value="{"1":2,"2":"Dearness Allowance (referred to as \u2018DA\u2019)"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Dearness Allowance (referred to as ‘DA’)</td><td data-sheets-value="{"1":2,"2":"Fully taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Fully taxable</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":3}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; text-align: right; vertical-align: bottom; vertical-align: top;">3</td><td data-sheets-value="{"1":2,"2":"Bonus, fees or commission"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Bonus, fees or commission</td><td data-sheets-value="{"1":2,"2":"Fully taxable"}" style="background-color: #f3f3f3; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: #444444; font-family: Times New Roman; font-size: 140%; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: top;">Fully taxable</td></tr>
</tbody></table>
<br />
<br /></div>
</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-78659802106818463152017-07-04T13:01:00.001+05:302017-07-04T13:02:36.411+05:30GST MISCONCEPTION BUSTED BY THE REVENUE SECRETARY<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 13px; table-layout: fixed;"><colgroup><col width="29"></col><col width="231"></col><col width="331"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Sn."}" style="background-color: #bfbfbf; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; vertical-align: bottom; vertical-align: bottom; white-space: nowrap; wrap-strategy: 0;">Sn.</td><td data-sheets-value="{"1":2,"2":"Myths"}" style="background-color: #bfbfbf; border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: middle; white-space: nowrap; wrap-strategy: 0;">Myths</td><td data-sheets-value="{"1":2,"2":"Reality"}" style="background-color: #bfbfbf; border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; font-weight: bold; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: middle; white-space: nowrap; wrap-strategy: 0;">Reality</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":1}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: nowrap; wrap-strategy: 0;">1</td><td data-sheets-value="{"1":2,"2":"I Need To Generate All Invoices On Computer / Internet Only."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">I Need To Generate All Invoices On Computer / Internet Only.</td><td data-sheets-value="{"1":2,"2":"Invoices Can Be Generated Manually Also ."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Invoices Can Be Generated Manually Also .</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":2}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: nowrap; wrap-strategy: 0;">2</td><td data-sheets-value="{"1":2,"2":"I Need Internet All The Time To Do Business Under Gst."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">I Need Internet All The Time To Do Business Under Gst.</td><td data-sheets-value="{"1":2,"2":"Internet Would Be Needed Only While Filing Monthly Return Of Gst."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Internet Would Be Needed Only While Filing Monthly Return Of Gst.<br />
<a name='more'></a></td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":3}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: nowrap; wrap-strategy: 0;">3</td><td data-sheets-value="{"1":2,"2":"I Have Provisional Id But Waiting For Final Id To Do Businesss."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">I Have Provisional Id But Waiting For Final Id To Do Businesss.</td><td data-sheets-value="{"1":2,"2":"Provisional Id Will Be Your Final Gst In Number Start Business."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Provisional Id Will Be Your Final Gst In Number Start Business.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":4}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: nowrap; wrap-strategy: 0;">4</td><td data-sheets-value="{"1":2,"2":"My Item Of Trade Was Earlier Exempt So I Will Need New Registration Before Starting Business Now."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">My Item Of Trade Was Earlier Exempt So I Will Need New Registration Before Starting Business Now.</td><td data-sheets-value="{"1":2,"2":"U Can Contineu Doing Business And Get Registered Withn 30 Days."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">U Can Contineu Doing Business And Get Registered Withn 30 Days.</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":5}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: nowrap; wrap-strategy: 0;">5</td><td data-sheets-value="{"1":2,"2":"There Are 3 Returns Per Month To Be Filed."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">There Are 3 Returns Per Month To Be Filed.</td><td data-sheets-value="{"1":2,"2":"There Is Only 1 Returns With 3 Parts Out Of Which First Part Filed By Dealer And Too Ather Parts Auto Populated By Computer ."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">There Is Only 1 Returns With 3 Parts Out Of Which First Part Filed By Dealer And Too Ather Parts Auto Populated By Computer .</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":6}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: nowrap; wrap-strategy: 0;">6</td><td data-sheets-value="{"1":2,"2":"Even Small Dealers Will Have To File Invoice Wise Details In The Returns ."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Even Small Dealers Will Have To File Invoice Wise Details In The Returns .</td><td data-sheets-value="{"1":2,"2":"Those In Retail Business (B2C) Need To File Only Summary Of Total Sales ."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">Those In Retail Business (B2C) Need To File Only Summary Of Total Sales .</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":7}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: center; vertical-align: bottom; vertical-align: top; white-space: nowrap; wrap-strategy: 0;">7</td><td data-sheets-value="{"1":2,"2":"New Gst Rate Is Higher Comparted To Earlier Vat."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">New Gst Rate Is Higher Comparted To Earlier Vat.</td><td data-sheets-value="{"1":2,"2":"It Appears Higher Bcoz Excise Duty And Other Taxes Which Were Invisible Earlier Are Now Subsumed In Gst And So Visible Now."}" style="background-color: #eeece1; border-bottom: 1px solid #000000; border-right: 1px solid #000000; color: black; font-family: Calibri; font-size: 140%; padding: 2px 3px 2px 3px; text-align: left; vertical-align: bottom; vertical-align: top; white-space: normal; word-wrap: break-word; wrap-strategy: 4;">It Appears Higher Bcoz Excise Duty And Other Taxes Which Were Invisible Earlier Are Now Subsumed In Gst And So Visible Now.</td></tr>
</tbody></table>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5703109251393686251.post-37073950486503343522017-07-04T12:35:00.000+05:302017-07-04T13:03:09.526+05:30Manner of Issuing Invoice<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Invoice shall be prepared in<span style="color: #990000;"> triplicate</span>, in case of supply of <span style="color: #990000;">Goods</span></span></span><br />
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">in the following manner:-</span></span><br />
<ol style="text-align: left;">
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Orignal Copy - For Receipient<a name='more'></a></span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Duplicate Copy - For Transporter</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Triplicate Copy - For Supplier</span></span></li>
</ol>
<span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Invoice shall be prepared in <span style="color: #990000;">duplicate</span> in case of supply of <span style="color: #990000;">Services</span>:-</span></span><br />
<ol style="text-align: left;">
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;">Orignal Copy - For Receipient</span></span></li>
<li><span style="font-size: large;"><span style="font-family: "georgia" , "times new roman" , serif;"> Duplicate Copy - For Supplier </span></span></li>
</ol>
</div>
Unknownnoreply@blogger.com0