Income of Salaried Employees which are paid under various nomenclature yet termed as salary
Allowances though paid under various names, income tax stipulates conditions for including those income as Salary.
Income tax Exemption for certain savings, expenses and payments under Chapter VIA of Income Tax Act
Main provision for Salaried employees is Chapter VIA of Income Tax Act provides much needed exemption for savings and expenses mainly made by Salaried employees.
Types of income of Salaried Employees that are exempted from Income Tax
Income Tax Circular 20/2015 dated 02.12.2015 stipulates exemptions for certain income that are totally exempted from income tax and need not be included in Total Income
Income or loss from house property and exemption on housing loan interest
Computation of Income under the head income or loss from house property – Income Tax Department instructions on calculation of annual rental value for the income tax deduction in respect of interest payable on housing loan and Update: 25th September 2017: Income Tax Exemption on Interest Paid on Housing Loan – Capped at Rs. 2 lakh…
Income Tax Deduction at Source from Salaries under Section 192 of Income Tax 1961
Persons in charge of disbursement of salaries are responsible for deducting Income Tax from salaries as per the procedure envisaged in Income Tax Circuar 20/2015
Income Tax 2015-16 – Calculation Method in respect of Salaried Employees
CBDT issued circular No. 20/2015 dated 02.12.2015, which explains income tax calculation method for salaried employees
Income Tax Rates 2015-16 (AY 2016-17)
Income Tax Structure for Salaried Employees for the Year 2015-16- Full exemption from Income Tax is available up to Rs. 2.50 lakh. For the Income in excess of Rs. 2.50 lakh and not exceeding Rs. 5 lakh Employees will have to pay income tax at the rate of 10%. Income Tax exceeding Rs. 5 lakh will be chargeable to Income Tax at the rate of 20%
DOPT proposes Executive Assistant Scheme in CSS Cadre
A new post namely Executive Assistant has been proposed to be introduced in CSS in CSSS Cadre – DOPT calls for opinion from all stake holders
Increase in Bonus Limit to Rs. 7000 – Staff Side JCM urges for issue of executive orders
After enactment of Payment of Bonus (Amendment) Bill 2015, Bonus eligibility ceiling has been increased to Rs. 21,000 and Bonus Ceiling has been fixed at Rs. 7000. So, if Basic Pay plus DA of an employee is less than or equal to Rs. 21,000 then he / she will be eligible for PLB / Adhoc Bonus
NPS – Revised guidelines on contribution collection and service charges
PFRDA has issued a Circular Revised Guidelines in respect of Contribution Collection and Service Charges for opening NPS accounts for NRls
Implementation of digitally signed pension revision authorities in all banks soon
Central Pension Accounting Office to introduce roll out e-revision authorities for all remaining banks w.e.f. 01.01.2016 alongwith parallel run of physical authorities for one month
One Rank One Pension – UFESM Shoots Letter to Members of Parliament
‘One Rank One Pension implies that uniform pension be paid to the Armed Forces Personnel retiring in the same rank with the same length of service irrespective of their date of retirement and any future enhancement in the rates of pension to be automatically passed on to the past pensioners’.