These components in cost-to-company structure are tax-exempt✅
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🔸Meal coupons
🔸Mobile bill reimbursement
🔸Gift voucher
🔸Children’ education & hostel allowance
🔸Car expenses reimbursement
https://youtu.be/B_K3FTT7NJg
The great epic Ramayana has some amazing Financial Lessons. Lets learn some
The great epic Ramayana has some amazing Financial Lessons. Lets learn some
YouTube
Financial Lessons from Ramayana
The whole world is Rama maya so let's try to learn from the epic RamayanaYou can listen to this on RADIO CITY being streamed DAILY Radio City 91.1you can als...
Are you paying rent in cash?
My friend Vinayak did the same last financial year. (And was shocked)
He paid Rs.20,000 as rent every month. Half in cash, half via online transfer.
Tax season came and he claimed the full Rs.2.4L (20,000 p.m) as HRA exemption.
Fast forward to a few weeks- His HRA exemption was disallowed.
Take a guess why this would have happened.
He filed on time
He disclosed his true rent
Yet disallowed?
Well, what happened was, his landlord didn't report the cash rent payment. Only 1.2L (10,000 p.m)
This caused a mismatch between what Vinayak claimed as rent (2.4L) and what was actually reported (1.2L)
He didnt know that - if the rent you claim is higher than what your landlord shows, the tax department may disallow a portion of your HRA exemption. And that means paying more tax than expected.
The same happened with Vinayak.
He told me about this incident. So I told him, going forward if you are claiming HRA, ensure:
>Pay 100% rent via NEFT, UPI
>Get receipts with payment mode & date
>Inform landlord of rent amount in your ITR
I've seen many salaried people lose HRA exemptions this way. Don't let it happen to you.
Tax filing season is here. Be diligent.
Your savings are key to your dreams. Protect them.
My friend Vinayak did the same last financial year. (And was shocked)
He paid Rs.20,000 as rent every month. Half in cash, half via online transfer.
Tax season came and he claimed the full Rs.2.4L (20,000 p.m) as HRA exemption.
Fast forward to a few weeks- His HRA exemption was disallowed.
Take a guess why this would have happened.
He filed on time
He disclosed his true rent
Yet disallowed?
Well, what happened was, his landlord didn't report the cash rent payment. Only 1.2L (10,000 p.m)
This caused a mismatch between what Vinayak claimed as rent (2.4L) and what was actually reported (1.2L)
He didnt know that - if the rent you claim is higher than what your landlord shows, the tax department may disallow a portion of your HRA exemption. And that means paying more tax than expected.
The same happened with Vinayak.
He told me about this incident. So I told him, going forward if you are claiming HRA, ensure:
>Pay 100% rent via NEFT, UPI
>Get receipts with payment mode & date
>Inform landlord of rent amount in your ITR
I've seen many salaried people lose HRA exemptions this way. Don't let it happen to you.
Tax filing season is here. Be diligent.
Your savings are key to your dreams. Protect them.
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*Govt may review tax sops offered to IFSC*
The government may have to take a relook at the tax incentives being offered to units in the International Financial Services Centre (IFSC), a new financial hub in Gujarat, in view of Pillar Two of the Base Erosion Profit Sharing framework, according to a Deloitte report.
"MNE groups having operations in the GIFT (Gujarat International Financial Tech) City will need to evaluate the overall tax impact in India, pursuant to the Pillar Two Globe Rules," the report said.
A group having non-IFSC presence along with a unit in IFSC may be able to benefit from the jurisdictional blending at India level, it said.
It suggested offering incentives in other forms to keep the attractiveness of IFSC intact.
Pillar Two sets out global minimum tax rules aiming to ensure that large MNCs pay a minimum effective rate of tax of 15% on profits in all countries.
The report pointed out that units in IFSC may not have enough employees and assets to avail of the benefits, so these units will need to evaluate the overall tax impact in India, after the Pillar Two Globe Rules.
Conglomerates from the financial services industry that have set up base in the GIFT City are incentivised with tax holiday benefits for a period of 10 out of 15 years, and a lower rate of alternate minimum taxes at 9%, along with surcharge and cess, which brings down the effective tax rate to below 15% .
This means their resident countries can apply top up tax on the income from IFSC.
While the majority of European countries have already announced the Pillar 2 framework, India is expected to announce steps in this direction in its full budget in July.
"The Pillar 2 overhang continues to dog policy makers in India," said Rohinton Sidhwa, partner - direct tax, Deloitte.
"It's possible that India could potentially be tempted to look at ways to unilaterally also boost gains from Pillar 2, albeit staying within the overall consensus," he said.
The government may have to take a relook at the tax incentives being offered to units in the International Financial Services Centre (IFSC), a new financial hub in Gujarat, in view of Pillar Two of the Base Erosion Profit Sharing framework, according to a Deloitte report.
"MNE groups having operations in the GIFT (Gujarat International Financial Tech) City will need to evaluate the overall tax impact in India, pursuant to the Pillar Two Globe Rules," the report said.
A group having non-IFSC presence along with a unit in IFSC may be able to benefit from the jurisdictional blending at India level, it said.
It suggested offering incentives in other forms to keep the attractiveness of IFSC intact.
Pillar Two sets out global minimum tax rules aiming to ensure that large MNCs pay a minimum effective rate of tax of 15% on profits in all countries.
The report pointed out that units in IFSC may not have enough employees and assets to avail of the benefits, so these units will need to evaluate the overall tax impact in India, after the Pillar Two Globe Rules.
Conglomerates from the financial services industry that have set up base in the GIFT City are incentivised with tax holiday benefits for a period of 10 out of 15 years, and a lower rate of alternate minimum taxes at 9%, along with surcharge and cess, which brings down the effective tax rate to below 15% .
This means their resident countries can apply top up tax on the income from IFSC.
While the majority of European countries have already announced the Pillar 2 framework, India is expected to announce steps in this direction in its full budget in July.
"The Pillar 2 overhang continues to dog policy makers in India," said Rohinton Sidhwa, partner - direct tax, Deloitte.
"It's possible that India could potentially be tempted to look at ways to unilaterally also boost gains from Pillar 2, albeit staying within the overall consensus," he said.
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SC hold bank employees' interest-free loans taxable as fringe benefits
https://m.economictimes.com/industry/banking/finance/banking/sc-hold-bank-employees-interest-free-loans-taxable-as-fringe-benefits/articleshow/109954680.cms
https://m.economictimes.com/industry/banking/finance/banking/sc-hold-bank-employees-interest-free-loans-taxable-as-fringe-benefits/articleshow/109954680.cms
The Economic Times
SC hold bank employees' interest-free loans taxable as fringe benefits
The Supreme Court has ruled that interest-free or concessional loans given by banks to their employees will be considered "fringe benefits" or "amenities" and therefore taxable. The court argued that these benefits are unique to bank employees and are in…
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Learn all about the secret to retire early with your terms in the Amazon Best Seller
DONT RETIRE RICH
https://amzn.to/3cHUM6M
Capital Gain Tax Not Payable On Transfer Of Shares By Way Of Gift: Bombay High Court https://www.livelaw.in/high-court/bombay-high-court/capital-gain-transfer-shares-gift-bombay-high-court-257502
www.livelaw.in
Capital Gain Tax Not Payable On Transfer Of Shares By Way Of Gift: Bombay High Court
The Bombay High Court has held that capital gain tax is not payable on the transfer of shares by way of gift.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that Section...