Hints of tax planning under the Income Tax Act: Understand the various tax deductions and
MODE OF COMPUTATION OF RELIEF (RULE21AAA)&COMPUTATION OF RELIEF WHEN SALARY OR FAMILY PENSION HAS BEEN RECEIVED IN ARREARS OR IN ADVANCE
Computation of Relief When Salary or Family Pension Has Been Received in Arrears or in
RELIEF UNDER SECTION 89
Relief under Section 89 of the Income Tax Act, 1961 is available to taxpayers who
Salary of a foreign citizen
The salary of a foreign citizen under section 10(5)(b) of the Income Tax Act, 1961
DEDUCTION FROM SALARY INCOME {SECTION 16}
Section 16 of the Income Tax Act, 1961 allows for certain deductions from salary income.
ANY OTHER BENEFI, AMENITY ETC.
Medical reimbursement under Income Tax Act: Employees can claim tax exemption for medical expenses incurred on
Perquisites received by a teacher/professor from SAARC member states
Perquisites received by a teacher/professor from SAARC member states are exempt from tax in India
EMPLOYERS CONTRIBUTION TOWARDS A FEW RETIREMENTS BENEFITS FUNS (SEC 17(2) (Vii)/ (Viia))
Section 17(2)(vii) of the Income Tax Act exempts from tax the employer’s contribution to a
SWEAT EQUITY SHARES
Sweat equity shares are shares issued by a company to its employees or directors in
TAX ON PERQUISITE PAID BY EMPLOYER (SECTION 10(10CC))
Section 10(10CC) of the Income Tax Act, 1961 exempts the income tax paid by the