Calculate your GRATUITY/Pension/COMMUTATION amount as per the latest Bank wage revision
For calculation of gratuity, pension and commutation of pension or family pension payable to retired employees/officers of the bank pursuant to latest wage revision, the retired staff required to have the last drawn salary details such as Basic Salary, Special Pay (if any) PQP, FPP, stagnation increment (if any) and applicable DA at the time…
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Income Tax 2020-21: Catalog of deductions excluded in new tax regime under Section 115BAC
For FY 2020-21, Salaried individuals, who have no business income, will have to choose between the existing and new tax regimes u/s 115BAC every financial year, as per their convenience. The new income tax rates are lower compare to old tax rate. However, anyone opting for the new tax regime will have to forego most…
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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…
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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…
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Income Tax treatment in case of salaried person who are provided with medical benefit
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…
Income Tax Benefit on LTA/LTC under section 10(5)
Updated: As per amended Finance Act 2020 Leave Travel Concession or Assistance (LTC/LTA), extended by an employer to an employee for going anywhere in India along with his family exempt is exempt from tax if you have opted for old-tax regime. In the other words, the tax exemption of leave travel allowance is not available…
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