CS Executive Tax Laws and Practice Notes

CS Executive Tax Laws and Practice Notes

Introduction

  • Introduction to Tax Laws in India
  • Introduction to Income Tax Laws in India
  • Important Definitions under Income Tax
  • Charge of Income Tax (Section 4)
  • Scope of Total Income (Section 5)
  • Residential Status
  • Income Tax Rates
  • Marginal Relief
  • Rebate under Section 87A
  • Heads of Income

Income taxable under head “Salaries”

  • Meaning of Salary
  • Which salary is taxable under the head “Salaries”? (Section 15)
  • Computation of salary in grade system
  • Foregoing or Surrender of salary
  • Place of accrual of Salary
  • Tax Treatment of various components of salary
  • Statutory deductions under the head salaries (Section 16)
    • Deduction in respect of entertainment allowance [Section 16(ii)]
    • Deduction in respect of Professional tax or Employment Tax or Tax on employment[Section 16(iii)]
  • Allowances
    • Tax Treatment of House Rent Allowance (Section 10(13A) read with rule 2A)
    • Special allowance taxable to certain amount or percentage [Section 10(14) read with Rule 2BB]
    • Fully taxable allowances
    • Allowances which are exempt in certain cases
  • Perquisites
    • What are Perquisites? Difference between Allowances and Perquisites
    • Who are Specified Employees?
    • Perquisites specified under Section 17(2) of Income Tax Act, 1961
    • Value of Rent free accommodation/ accommodation at concessional rent [Rule 3(1)]
    • Taxability of Certain benefits taxable in case of specified employees only
    • Valuation of Motor Car or other Vehicle [RULE 3(2)]
    • Value of facilities provided by employer to employee in the form of services of a sweeper, gardener, cook, watchman, other servant etc. [Rule 3(3)]
    • Value of facilities provided by employer to employee in the form of free or concessional gas, electricity, water etc. [Rule 3(4)]
    • Value of free or concessional education facility provided by employer to households of employee [Rule 3(5)]
    • Valuation of Fringe Benefits [Rule 3(7)]
    • Valuation of Medical Facilities provided by the employer to the employees
    • Tax free perquisites in case of all employees
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