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New Tax Regime Vs Old Tax Regime

Budget 2020 has come up with an offer for the taxpayer, offer to pay tax at a lower rate. In our country,...

Budget 2020 and Direct Taxes

Budget 2020 has introduced reduced tax rates for Individuals and HUF but on the condition leaving the option of claiming various exemptions or deductions provided otherwise under the Act. This means you can enjoy reduced tax rates only if you will not claim various exemption and deductions provided under the act.

Tax Implications of Gratuity

Sec.10(10) deals with the exemptions from gratuity income. Such exemption can be claimed by a salaried assessee. Gratuity received by an assessee other than employee shall not be eligible for exemption u/s 10(10). E.g. Gratuity received by an agent of LIC of India is not eligible for exemption u/s 10(10) as agents are not employees of LIC of India.

All About Gratuity

Employers out of gratitude to their retired/retiring employees for their service honors them for their loyalty by giving them gratuity, a monetary payment. It is basically a type of a ‘retirement benefit’. In Hindi, gratuity means “उपहार”. We can also call gratuity a gift, present, perquisite, etc.

Tax Saving Scheme 2020

As we have entered into the new year 2020, everyone must have thought of resolutions for the new year but very few of us have promised ourselves to save more. Savings in today’s world is very much important to cope up with inconsistencies of life.

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Budget 2020 and Direct Taxes

Budget 2020 has introduced reduced tax rates for Individuals and HUF but on the condition leaving the option of claiming various exemptions or deductions provided otherwise under the Act. This means you can enjoy reduced tax rates only if you will not claim various exemption and deductions provided under the act.

Tax Implications of Gratuity

Sec.10(10) deals with the exemptions from gratuity income. Such exemption can be claimed by a salaried assessee. Gratuity received by an assessee other than employee shall not be eligible for exemption u/s 10(10). E.g. Gratuity received by an agent of LIC of India is not eligible for exemption u/s 10(10) as agents are not employees of LIC of India.
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