Exemptions and Deductions from Salary Income

A.	Allowances
No.	Section	Particulars	Taxability/Exemption
1	10(13A)read with Rule 2A	House rent allowance	Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Chennai) c) Rent paid minus 10% of salary * Salary = Basic + DA (if part of retirement benefit) + Turnover based Commission Note: 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. 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].

Defination of Salary as Per Income Tax Act

Salary  include:

a) Wages

b) Annuity

c) Pension

d) Gratuity

e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages

f) Advance of Salary

g) Leave Encashment

GST MISCONCEPTION BUSTED BY THE REVENUE SECRETARY

Sn.	Myths	Reality
1	I Need To Generate All Invoices On Computer / Internet Only.	Invoices Can Be Generated Manually Also .
2	I Need Internet All The Time To Do Business Under Gst.	Internet Would Be Needed Only While Filing Monthly Return Of Gst.

Manner of Issuing Invoice

Invoice shall be prepared in triplicate, in case of supply of Goods
in the following manner:-

1. Orignal Copy    - For Receipient

Details Required to be mentioned in Tax Invoice under GST

Sn.	Items Required to be mentioned on Bill
1	Name,Address and GSTIN Of the Supplier
2	Seriel Number not exceeding sixteen characters.
3	Date of its issue
4	Name,address and GSTIN or UIN,if registered,of the Recipient
5	Name and address of the recipient and the address of delivery,along with the name of state and its code,if such recipient is un - registered and where the value of taxable supply is fifty thousand rupees or more.

List of Documents Required for New GST Registration

List Of Documents Required For Fresh GST Registration
S No.	Nature Of Documents	Sole Proprietor	Partnership	LLP	Company Private /Public	Size of Documents
1	PAN	YES	YES	YES	YES	NA
2	ID & Address proof	YES	YES (Of Partner)	YES (Of Partner)	YES (Of Director)	NA
3	Photo	YES	YES (Of Partner)	YES (Of Partner)	YES (Of Director)	(JPG-100KB)
4	Pass Book Bank Statement	YES	YES	YES	YES	(JPG,PDF-100KB)/ (JPG,PDF-500KB)
5	Electricity/Landline or Water Bill /Rent Agreement	YES	YES	YES	YES	(JPG,PDF-100KB)/ (JPG,PDF-200KB)

Interest on delay payment of GST

• Interest on Delay Payment of GST                      -18% p.a.

• Interest on Excess claim of Input Tax Credit      - 24% p.a.

        or                                                                       
      Undue/Excess Reduction in Output Liability

•  Interest on Refund to be paid by Govt.             - 6% p.a.