How Salary Income is taxable

 What is considered as salary income?

• ​​​​​​​​​ Section 17​​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary.

• What are allowances?

  ​​Allowances are fixed periodic amounts, apart from salary, which are paid by an employer for the purpose of meeting some particular requirements of the employee.  E.g., Tiffin allowance, transport allowance, uniform allowance, etc.

  There are generally three types of allowances for the purpose of the Income-tax Act - taxable allowances, fully exempted allowances and partially exempted allowances.​ 

  Perquisites are benefits received by a person as a result of his/her official position and are over and above the salary or wages. These perquisites can be taxable or non-taxable depending upon their nature. . Uniform allowance is exempt to the extent of expenditure incurred for official purposes u/s​ 10​(14).
  

• My employer reimburses to me all my expenses on grocery and children’s education. Would these be considered as my income?

I have purchased land , What Income Tax compliance I have to do for such land purchased?

• Tax is deductible (TDS) when buyer paid consideration exceeding the Rs 50 lakhs at the time of credit of such amount to the seller or at the time of making payment. 
• For the purpose of computation of threshold limit GST will be included.
• Tax deduction rate is .01 percent In case PAN is not available rate will be 5 percent.

• I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?
  ​​​As mentioned in ITR form, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
• I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?
  ​​The details of property and name of buyer should invariably be mentioned. However, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
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कर विवरणी भरना हुआ अनिवार्य चाहे आपकी आय हो न हो -ITR filing becomes mandatory

 कर विवरणी भरना हुआ अनिवार्य चाहे आपकी आय हो न हो 

सीबीडीटी ने धारा 139(1) के सातवें प्रावधान के तहत अतिरिक्त शर्तों को अधिसूचित किया है कि कर विवरणी भरना अनिवार्य होगा यदि आप निम्न में से कोई भी परिस्थिति को पूरा करते है तो:- 

(१) कारोबार या व्यवसाय से आपकी आवर्त (TURNOVER ) ६० लाख रुपये या इससे अधिक है 

 (२) पेशे से सकल (GROSS )प्राप्ति १० लाख रुपये से अधिक है 

 (३) किसी व्यक्ति के मामले में काटे गए और एकत्र किए गए कर(TDS /TCS ) की राशि २५००० रुपये से अधिक है, 

(४) बचत बैंक खाते में जमा रु. 50 लाख या अधिक है

Section 139 of the Income-tax Act contains provisions for filing a return of income. The seventh proviso to Section 139(1) requires mandatory filing of a return by a person entering into certain high-value transactions.

The CBDT has notified the following additional criteria to make return filing mandatory for an assessee:

1) If total sales, turnover or gross receipt of the business exceeds Rs. 60 lakhs during the previous year;

2) If total gross receipt of profession exceeds Rs. 10 lakhs during the previous year;

3) If the total tax deducted and collected during the previous year exceeds Rs. 25,000. The threshold limit shall be Rs. 50,000 in case of a resident individual of the age of 60 years or more; or

4) If the aggregate deposit in one or more savings bank accounts is Rs. 50 lakhs or more during the previous year.

NOTIFICATION NO. 37/2022/F.NO. 370142/01/2020-TPL(PART1) 

Clarification in respect of refund of tax specified in section 77(1) of the CGST Act and section 19(1) of the IGST Act

Subject: Clarification in respect of refund of tax specified in section 77(1) of the CGST Act and section 19(1) of the IGST Act -Reg

 

Representations have been received seeking clarification on the issues in respect of refund of tax wrongfully paid as specified in section 77(1) of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”) and section 19(1) of the Integrated Goods and Services Tax Act, 2017 (hereinafter referred to as “IGST Act”). In order to clarify these issues and to ensure uniformity in the implementation of the provisions of law across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the CGST Act, hereby clarifies the issues detailed hereunder:

2.1 Section 77 of the CGST Act, 2017 reads as follows:

वेतन के अलावा अन्य सभी स्रोतों से हुई आय का जिक्र इनकम टैक्स रिटर्न में करना जरूर, नहीं तो आ सकता है नोटिस

 इनकम टैक्स रिटर्न फाइल करते समय करदाता को पक्का कर लेना चाहिए कि उसने सभी आय का जिक्र इसमें कर दिया है। आयकर विभाग को नियोक्ता के वेतन प्रमाण पत्र (फॉर्म-16) के अलावा अन्य स्रोतों से भी करदाताओं को हुई आय की पूरी जानकारी होती है। बैंकों व वित्तीय संस्थाओं के ‘एनुअल इंफॉर्मेशन रिटर्न’ और ‘स्पेसिफाइड फाइनेंशियल रिटर्न’ इनमें शामिल हैं। इसलिए यदि आप आय का कोई स्रोत छुपाते हैं तो पूरी आशंका है कि कामयाबी न मिले और आयकर विभाग के नोटिस का सामना करना पड़ जाए।

दरअसल आयकर विभाग को हर करदाता के हर बड़े लेनदेन से जुड़ी ज्यादातर जानकारी रहती है। जैसे ही करदाता आय से जुड़े विवरण मुहैया कराता है, इनकम टैक्स डिपार्टमेंट का पोर्टल उन सारी जानकारियों का मिलान विभाग के पास उपलब्ध सूचनाओं से करता है। CA अभय शर्मा के अनुसार यदि इसमें कोई अंतर पाया जाता है तो विभाग नोटिस जारी करके पूछताछ कर सकता है।