Salary Slip Format: Understanding the payslip The salary slip serves as a proof of employment as well as a proof of the last drawn income. In addition to this, it can also serve as a deciding factor for loan disbursal and for the issuance of Credit Card .Let's try to understand the salary slip format

By | December 31st, 2018|Categories: Salary|Tags: , , , , , , , , , , , , |

Salary Slip Ah, Salary Day! It's fair to say that it is one of the happiest days of adult life when your phone lights up with the message: "Your account has been credited ....." or when you receive your paycheck. What many of us tend to ignore is the salary slip that comes along with the salary [...]

Comments Off on Salary Slip Format: Understanding the payslip The salary slip serves as a proof of employment as well as a proof of the last drawn income. In addition to this, it can also serve as a deciding factor for loan disbursal and for the issuance of Credit Card .Let's try to understand the salary slip format

Income from Salary

By | July 15th, 2017|Categories: Advanced Concepts, Salary|

Income from salary is the income or remuneration received by an individual for services he is rendering or a contract undertaken by him. This clause essentially assimilates the remuneration received by a person for the services provided by him under the contract of employment. This amount of remuneration will be considered as income for the purposes of [...]

5 Heads of Income Tax

By | July 8th, 2017|Categories: Advanced Concepts, Capital Gain, House Property, ITR Filing, Other Sources, Salary|

Introduction  As per the Section 14 Income Tax Act,1961, there are five main income tax heads for an individual. The computation of income tax is an important part and has to be calculated according to the income of a person. For a hassle-free calculation, the income has to be classified properly so that there is no confusion regarding [...]

Gratuity Allowance for Salaried Persons

By | July 6th, 2017|Categories: Salary, Save Income Tax|

Introduction The amount paid by an employer to an employee for services rendered in the company is known as Gratuity. However, it is paid only to employees who complete 5 or more years with the company. It can be given as a token of appreciation by the employer to the employee for services offered by the [...]

Tax Saving Allowances For Salaried Employees

By | July 5th, 2017|Categories: Salary, Save Income Tax|

Introduction Income Tax Act allows many income tax exemptions for salaried employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for salaried employees and then the employer would compute the tax on the balance income as per the [...]

Tax Treatment of Provident Fund (EPF)

By | July 3rd, 2017|Categories: Salary|

Introduction The contribution is made in the Employee Provident Fund (EPF) for the employee's welfare by the employee and the employer. The deduction is available under section 80C. Provident fund is a kind of security fund in which the employees contribute a part of their salary and the employer also contributes on behalf of their employees. [...]

House Rent Allowance (HRA)

By | June 26th, 2017|Categories: House Property, Salary, Save Income Tax|

Introduction An allowance that is provided by an employer to the employee to cover the expenses of the accommodation rent which the employee may incur for his housing purpose is known as House Rent Allowance (HRA). The House Rent Allowance which is waged by the employer to the employee is taxable under the head of “Income [...]

Allowances: Exempted and Taxable

By | June 24th, 2017|Categories: Salary, Save Income Tax|

Introduction In India, the tax rules are generally different for the individuals those are salaried and are having other types of income source. ITR e-filing has become a boon to them. In order to file their returns and the knowledge of the allowances that are paid generally by the employers to meet various costs can come in handy [...]

Form 16: Part A and Part B

By | June 23rd, 2017|Categories: Other Sources, Salary, TDS|

Introduction Form 16 is a certificate, in which employer is certifying details regarding the salary and the deduction of TDS of the employee during the year.Form 16 is issued once in a financial year, on or before 31st May of the next year immediately following the financial year in which tax is deducted.It has two parts, [...]