Income from Salaries All income received by an employee from an employer is taxed under this head 'Income from Salaries'. Every payment made to an employee for service provided would be chargeable to tax as income from salaries. The term Salary for the purpose of Income Tax Act, 1961 will include both monetary payments and non-monetary facilities. For example, Basic salary, … [Read more...]

Fringe benefits are paid by the employer to their employee for their performance of services in the form of pay other than money. These fringe benefits are taxable except some fringe benefits that are exempted from taxation as per the tax law. This 'income-tax on fringe benefits' is a new tax introduced by Finance Act 2005, with effect from 01-04-2006. The Income tax on fringe … [Read more...]

The Income which is not Chargeable to Tax come under this head Income From Other Sources. Here other sources of Income includes income, profits and gains from the total income of Assessee. It is one of the five heads of Income Tax. The following conditions which must satisfy under the residuary head of Income: This income should not be exempt under the IT Act 1961. … [Read more...]

The Income From House Property means a house property consisting of any building or land appurtenant thereto. The assessee is the owner of this house property who is taxed under this head of house property. Other than the house owner, Rental income of any other person cannot be charged to tax. If the property is used for own business or profession, then it will not be … [Read more...]