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Introduction Where Compensation is received at the time of voluntary retirement or in case of separation, the income received as compensation is exempt from tax if the following conditions are satisfied- Compensation is required to be received on voluntary retirement or voluntary separation. Compensation is received by an employee from the following undertakings- an authority
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Income Computation and Disclosure Standards (ICDS) have been notified u / s 145 (2) of the Income Tax Act, 1961 vide Notification No. S.O. 3079 (E) dated September 29th 2016. On 23rd March, 2017, certain clarifications were issued by CBDT by way of FAQs. Below mentioned are the 10 ICDS that are notified up to
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The thrust of framing amendments in Income Tax Act (“IT Act”) was on social infrastructure, ease of living, and technology-led governance aiming at inclusive and equitable growth which means greater public expenditure. With the following trends of market, IT Act ought to be updated from time and onwards. Following are the amendments made to the
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Investing a little time and thought into process of filing Income tax return (ITR) can allow you to claim deductions you might have missed, while submitting your investment declarations. Savings account interest: Your savings account is credited every quarter with interest on amount it holds at the end of quarter, this amount earned by you
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July 31st is the last day for filing an Income Tax Return (ITR). Most people regard this task as a burden, but filing an ITR filing of Return – on time is an extremely important tool to create your financial history. When you file your tax returns every year, you manage to maintain your financial
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