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Where a capital asset is acquired by the Government under any law or where consideration for transfer of capital asset is determined or approved by the Government or RBI, the capital gains shall be chargeable to tax in the previous year in which initial compensation (or part thereof) is received.
‘Salary’ is the first head of income. The income taxable under this head shall be calculated on the due basis or the receipt basis, whichever occurs earlier. Taxable salary shall include taxable allowances, perquisites, retirement benefits, and profit in lieu of salary. Certain deductions are also allowed from salary income.
The income taxable in the hands of an individual and tax liability thereon shall be computed according to his residential status. The income taxable under the Income-tax Act is computed under the five heads of income, and tax thereon is computed as per the tax slab rates applicable for that previous year.
The income under the head salary shall be taxable on a due basis or receipt basis, whichever is earlier. Salary due from an employer to an employee, even if it is not paid during the year, shall be chargeable to tax. Taxable salary shall include taxable allowances, perquisites, retirement benefits, and profit in lieu of salary. Certain deductions are also allowed from salary income.
Retirement benefits play a crucial role in providing financial security to employees in their post-retirement years. In India, employers provide various retirement benefits to employees. The taxability of these retirement benefits under the Income-tax Act are discussed in this tutorial.
A charitable and religious trust is taxable in accordance with the provisions of Section 11 to Section 13. Section 11 provides for exemption in respect of income derived from property held under trust for charitable or religious purposes to the extent to which such income is applied or accumulated during the previous year for such purposes. The exemption is allowed on fulfilment of conditions specified in Section 11, Section 12, Section 12A, Section 12AA/12AB, and Section 13 of the Income-tax Act.
The income taxable in the hands of a HUF and tax liability thereon shall be computed according to its residential status. The income taxable in the hands of an HUF is computed under four heads of income and tax thereon shall be computed as per the tax rates applicable for that previous year. The normal income of HUF is taxable as per slab rates provided under the Finance Act or under the new tax regime under Section 115BAC.
Certain assessees are allowed to opt for a lower tax rate regime subject to the fulfilment of certain conditions. These alternate tax regimes offer a lower tax rate, but certain deductions and exemptions have to be given up by the assessee.
Section 194R provides that person responsible for providing to a resident, any benefit or perquisite, arising from business or exercise of a profession by such resident, shall ensure that, before providing such benefit or perquisite, tax is deducted from the value of such benefit or perquisite. The tax shall be deducted at the rate of 10% of the value of such benefit or perquisite.
Section 194S provides that any person who is responsible for paying to any resident any sum by way of consideration for the transfer of a virtual digital asset shall deduct tax from such sum. The tax shall be deducted at the rate of 1% of such sum.
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.
