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Form No. 12BB – Particulars of claims by an employee for TDS on salary

Employers seek information on and proof of investments/expenditure from employees who wish to avail tax benefits each year. The benefits include those on allowances such as House Rent Allowance and Leave Travel Allowance, and those on deductions such as interest payment on housing loan (Section 24) and payments towards life insurance premium etc. under Section […]

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Form No. 24Q filing deadline change effective 01-June-2016

Currently (as of May 2016), the deadlines for Form No. 24Q filing are as follows: Quarter Deadline First quarter, ending 30th of June Immediately following 15th of July Second quarter, ending 30th of September Immediately following 15th of October Third quarter, ending 31st December Immediately following 15th of January Fourth quarter, ending 31st of March […]

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SBI Lending Rates for Loan Perquisite Calculation – 2016-17

State Bank of India (SBI) has published the reference lending rates for the purpose of loan perquisite calculation for the financial year 2016-17. You can find the SBI rates as on 01-Apr-2016 here. SBI provides reference rates for different types of loan (home loan, car loan etc.) and employers should use the correct reference rate for […]

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Taxability of Attire/Uniform Allowance

Rule 2BB of the Income Tax Rules specifies the allowances paid to employees which are not taxable. One of the allowances which is exempt from tax is what is commonly called Uniform Allowance. Rule 2BB exempts from income tax: any allowance granted to meet the expenditure incurred on the purchase or maintenance of uniform for […]

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Taxability of fuel expense reimbursement to employees -Part II

In the previous post, we had a look at taxability of fuel expense reimbursement to employees for motor car provided by the employer. What about employee-owned car? Employee owns the car and the employer reimburses fuel expense to employee The monthly perquisite value is as follows. i) The car is used wholly and exclusively for official […]

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Taxability of fuel expense reimbursement to employees -Part I

Organizations use “Fuel Expense Reimbursement” as a pay component for tax saving, particularly for members of middle and senior management. The typical payroll treatment for the head of pay is as follows: Pay a certain sum of money as remuneration under the head each month. Seek petrol/diesel purchase receipts from employees. Provide full tax exemption […]

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An incentive scheme from the PF Department

If you thought that regulatory authorities are all about coercing us into submission by instilling the fear of punishment, you may have to think again. The Employee Provident Fund Organization, commonly referred to as the Provident Fund Department, has announced an incentive scheme in order to motivate employers to complete Universal Account Number (UAN) related […]

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