Tuesday 19 Nov '13I earn R4,97,000 as salary and my interest income from savings bank account is R3,000 (which has been reported to my employer and tax has been deducted) in FY13. Can I claim the exemption from filing return of income for FY13?
Tuesday 19 Feb '13As per Section 209 of the Income Tax Act, 1961, the tax deductible or collectible shall not be reduced from the amount of tax calculated on the estimated income to determine the advance tax payable, if the payer has paid or credited the income without deduction, or if the money is received or debited by the recipient without collection of tax.
Tuesday 05 Feb '13As per Section 10(10CC) of the Income Tax Act, 1961, the tax actually paid by the employer on a perquisite provided to the employee [other than the perquisite provided by way of monetary payment within the meaning of Section 17(2)] is exempt in the hands of the employee.
Tuesday 08 Jan '13As per Section 2 (42A) of the Income Tax Act, 1961, if an asset is received by way of inheritance, the period of holding of the previous owner will also be taken into account in determining whether the asset is a long-term or a short-term capital asset.
Tuesday 04 Dec '12The CBDT, through circular No, 573 dated August 21, 1990, has clarified that a lump sum payment made gratuitously or by way of compensation or otherwise, to the widow or other legal heirs of an employee, who dies while still in active service, is not taxable as income under the Income-Tax Act, 1961.