Category Archives: Income Tax FAQ

Income Tax on Arrear of Salary with [Video Lecture]

By | August 6, 2018

Income Tax on Arrear of Salary Are arrears of salary taxable?​​​​ Yes . Refer Section 15(c) of Income Tax Act 1961 Video Explanation by CA Satbir Singh in Hindi Illustration on tax treatment of arrears of salary On 1 st January, 2018, Mr. Rajesh received arrears of salary of Rs. 2,52,000 pertaining to the years 2011-12… Read More »

​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 »

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 »

Is Income Tax Act applicable only to residents in India?

By | December 2, 2017

Is Income Tax Act applicable only to residents in India? No, Income Tax Act applies to all persons who earn income in India, whether they are resident or non-resident. Related Post Income Tax Books Income Tax Press Release Income Tax Notifications Income Tax Circulars Income Tax Instructions Income Tax Office Memorandum Income Tax Judgments Income… Read More »

Income from Animal husbandry is Agriculture Income ?

By | December 1, 2017

Income from Animal husbandry  is Agriculture Income ? Under the Income-tax Law is income from animal husbandry conside​​red as an agricultural income? Answer , ​No. For meaning of Agricultural Income refer section 2(IA)​ of the Income-tax Act. Related Post Income Tax Books Income Tax Press Release Income Tax Notifications Income Tax Circulars Income Tax Instructions Income Tax… Read More »

Income Tax on Agriculture Income

By | December 1, 2017

Income Tax on Agriculture Income I am an agriculturist. Is my income taxable under Income Tax?​​​ Agricultural income is not taxable. However, if you have non-agricultural income too, then while calculating tax on non-agricultural income, your agricultural income will be taken into account for rate purpose. For meaning of Agricultural Income refer section 2(IA)​ of the… Read More »

Why Income Tax Paid / TDS deducted not appearing in 26AS (Tax Credit ) Statement

By | December 1, 2017

What are the reasons for  tax Paid / tax Deducted  not reflecting in 26AS Statement ? ​ The possible reasons for no credit being displayed in your Form 26AS can be: Deductor/collector has not filed his TDS/TCS statement; You have not provided PAN to the deductor/collector; You have provided incorrect PAN to the deductor/collector; The deductor/collector has… Read More »

How to check Payment of Income Tax paid to the Govt

By | December 1, 2017

How can I know that the Government has received the amount deposited by me as Income taxe in the bank? The NSDL website [http://www.tin-ns​dl.com] provides online services called as Challan Status Enquiry. You can also check your tax credit by viewing your Form 26AS from your e-filing account at www.incometaxindiaefiling.gov.in Form 26AS will also disclose the credit of TDS/TCS… Read More »

How to check you Income Tax Jurisdictional Assessing Officer

By | November 30, 2017

How to know my Jurisdictional Assessing Officer details of Income Tax ? To know your Jurisdictional Assessing Officer details -> Please log on to https://incometaxindiaefiling.gov.in and click on “Know Your Jurisdictional AO” under “SERVICES” menu.. Related Post Income Tax Books Income Tax Press Release Income Tax Notifications Income Tax Circulars Income Tax Instructions Income Tax… Read More »