Budget 2021 Updates

Finance Minister Nirmala Sitharaman listed Health & well-being,     Physical & financial capital & infrastructure,    Inclusive development for aspirational India,    Reinvigorating human capital,     Innovation & R&D, and     Minimum Govt & Maximum Governance as the main pillars of Budget 2021. The highlights of budget 2021 announcements are as under: TAX RULES FOR INDIVIDUALS: No…

Taxability of various components of salary and perquisite benefits under finance Act 2020

[Nearly, 104 amendments are made either by amending/omitting existing sections or by insertion of new sections. In this article, the amendments, which are most relevant to salaried persons, are covered.] Your total salary income comprises both monetary income and non-monetary income. Monetary income means income chargeable under the salary but excluding perquisite value of all…

What does Salary include?

[This post elucidates about components of salary, the monetary benefits paid by employers which do not include in salary, points to be considered for taxation of salary, place of accrual of salary, etc.] Salary is the remuneration which includes the pay, allowances, bonus, or commission payable monthly or otherwise or any monetary payment, by whatever…