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4 Record(s) | Page [1 of 1]
Calculation of relief under Sections 89 & 89A

Calculation of relief under Sections 89 & 89A

Section 89 provides relief from the increased tax burden resulting from receiving arrears of salary relating to earlier years or receiving an advance salary, which shall fall due in succeeding previous years. Further, Section 89A of the Income Tax Act provides an option to a resident individual to defer the payment of tax on the income earned from foreign retirement benefits accounts from the year of accrual to the year of withdrawal.

Taxability of perquisite in the form of rent-free accommodation or accommodation provided at a concessional rate

Taxability of perquisite in the form of rent-free accommodation or accommodation provided at a concessional rate

When an employer provides residential accommodation free of cost or at a reduced rate to their employees, the value of this benefit is considered taxable as a perquisite in the hands of the employee. This benefit provided by an employer is taxable irrespective of whether the residential house is owned by the employer or it is taken on rent.

Taxability of perquisite in the form of concessional or interest-free loan

Taxability of perquisite in the form of concessional or interest-free loan

An assessee can apply to the Assessing Officer to issue a nil or lower TDS certificate. Such certificate is issued if the estimated tax liability of the assessee justifies no deduction of tax or deduction of tax at a lower rate.

Taxation of Employee Stock Option Plan (ESOP)

Taxation of Employee Stock Option Plan (ESOP)

When an employer offers securities to an employee under an Employee Stock Option Plan (ESOP) scheme, free of cost or at a concessional rate, it is taxable as a perquisite in the year in which the securities have been allotted to the employee.

Advisory: Information relates to the law prevailing in the year of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.
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