Tax Tutorials
Income Tax Management (India)


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 In this advance learning we will learn the tax treatment of different allowances.

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Tax treatment of ‘Perquisites’ in the context of Salary Income Under Sec. 17(2)
In the context of salary income perquisite means any benefit provided by the employer to the employee. The term perquisite is defined in section 17(2). As per section 17(2) perquisite includes : ..

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There are two kinds of provisions under the Act, - one in respect of what is allowable and other in respect of what is not allowable, i.e., they override the provisions. While determining whether a particular expenditure is deductible or not, the first requirement must be to enquire whether the deduction is expressly prohibited under any other provision of the Income tax Act...

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“Income from other sources” is the residual head of income. Hence, any income which is not specifically taxed under any other head of income will be taxed under this head. Further, there are certain incomes which are always taxed under this head. These incomes are as follows:.

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Sections 40, 40A and 43B provide the list of expenses which are specifically disallowed while computing income chargeable to tax under the head “Profits and gains of business or profession”. In this advance learning we will learn about various expenses which are specifically disallowed while computing income chargeable under head “Profits and gains of business or profession”. The detailed provisions in this regard are as follows: .

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Readers are advised to refer to the study material as well as to case study before reading the advanced learning material. This will help them to recap the basic provisions and will enable them to understand the advanced topics easily. The material covers following advanced level topics : ...

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Handbook for Tax Deduction / Tax Reduction

 
 
 
 

   
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