Daily Archives: December 4, 2017

GST Exemption on disbursement of Viability Gap Funding to Selected Airline Operators

By | December 4, 2017

MINISTRY OF CIVIL AVIATION NOTIFICATION New Delhi, the 30th November, 2017 G.S.R. 1470(E).—Government of India, Ministry of Finance vide Notification No. 7/2017-Service Tax dated 02.02.2017 and Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 has granted exemption from levy of Service Tax / GST on disbursement of Viability Gap Funding (VGF) to Selected Airline Operators (SAOs) for a period of one… Read More »

Category: GST

​Is leave encashment taxable as salary?​​

By | December 4, 2017

​Is leave encashment taxable as salary?​​ It is taxable if received while in service. As per Section 17(1) of Income Tax Act  : (1) “salary” includes— —- (va) any payment received by an employee in respect of any period of leave not availed of by him; Leave encashment received at the time of retirement is exempt in the… Read More »

Proof to be given to employer for adjustment of House Property Loss from Salary Income

By | December 4, 2017

What are the proof to be submitted  to employer for adjustment of House Property Loss from Salary Income The employee has to furnish before the employer a i) certificate from the person to whom any interest is payable on the borrowed capital specifying the amount of interest payable. In case a new loan is taken… Read More »

Income Tax on Arrear of Salary

By | December 4, 2017

Income Tax on Arrear of Salary Are arrears of salary taxable?​​​​ Yes. However, the benefit of spread over of income to the years to which it relates to can be availed for lower incidence of tax. This is called as relief under Section 89​ of the Income-tax Act.​​  The relief under section 89(1) is arithmetical.… Read More »

Income Tax on Gratuity

By | December 4, 2017

What is the taxability of Gratuity under Income Tax Act 1961 of India? ​​In the hands of a Government employee , Gratuity receipts are exempt from tax [ Section 10(10)(i) of Income Tax Act ] In the hands of non-Government employee,  Gratuity is exempt subject to the limits prescribed in this regard [Section 10(10)(ii)  and… Read More »

When Pension Income is not Taxable under Income Tax Act ?

By | December 4, 2017

When Pension Income is not Taxable under Income Tax Act ? In following cases Pension income is exempt : i) Pension received by an individual who has been in the service of the Central Government or State Government and has been awarded “Param Vir Chakra” or “Maha Vir Chakra” or “Vir Chakra” or such other… Read More »