Updated: As per amended Finance Act 2020 For Medical facilities in India: Under section 17(2) of income tax, the medical expenses incurred or reimbursed by the employer for medical treatment to an employee or his dependent relative (i.e. children, spouse, brothers, sister and parents) will not be chargeable to tax in the hands of the…
[This post elucidates details of tax components as well as tax exemption for earned Leave encashment, Gratuity, commutation of pension, NPS withdrawal, retrenchment compensation, , amount received on voluntary retirement, tax on EPF withdrawal etc.] Updated: As per amended finance act 2020 Leave encashment under section 10(10AA): The encashment of unutilized earned leave (read note-1)…
Updated: As per amended finance act 2020 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 concerned employee under section 17(2)(viii) read with Rule 3(7)(i) of Income Tax act. According to…
Today (Aug 28) a meeting of the working group for workmen unions of banks held on a virtual platform. Four workmen unions AIBEA-NCBE-INBEF-NOBW participated discuss about distribution of amount agreed in MOU and finalizing the new pay scales, etc. from allocated Rs.7808 crores (15%) of total amount for employees and officers together. Salient feature of…
In terms of section 10(13A) & Rule 2A of amended finance act 2020, a salaried person can claim exemption in respect of House Rent Allowance received from his/her employer. The least of the following three amounts is exempt from income tax: a) Actual HRA Received b) 40% of Salary* (50%, if house situated in Mumbai,…
On the basis of CPI data announced by the Labour Bureau for the period of April 2020 to June 2020, the average index number works out to 7540 (base 1960=100) or 775-slabs(77.50 %) for the above period. It means bank Pensioners have entitled dearness relief to an increase of 16slabs for the ensuing quarter of…
On the basis of CPI data announced by the Labour Bureau for the period of April 2020 to June 2020, the average index number works out to 7540 (base 1960=100) or 775-slabs(77.50 %) for the above period. It means bank employees and officers have entitled dearness allowance to an increase of 14 slabs (1.40%) for…
On the basis of CPI data announced by the Labour Bureau for the period of April 2020 to June 2020, the average index number works out to 7540 (base 1960=100) or 775-slabs(77.50 %) for the above period. It means bank employees and officers have entitled dearness allowance to an increase of 14slabs (1.40%) for the…
On the basis of CPI data announced by the Labour Bureau for the period of April 2020 to June 2020, the average index number works out to 7540 (base 1960=100) or 775-slabs(77.50 %) for the above period. It means bank employees and officers have entitled dearness allowance to an increase of 14slabs (1.40%) for the…
On the basis of CPI data announced by the Labour Bureau for the period of April 2020 to June 2020, the average index number works out to 7540 (base 1960=100) or 775-slabs(77.50 %) for the above period. It means bank employees and officers have entitled dearness allowance to an increase of 14slabs (1.40%) for the…